FX Strategy 11 July 2013

USD/CAD – Daily Chart

Made a 21-month high at 1.0608 from which it rapidly dropped to 1.0328
USD/CAD’s advance to its 21-month high at 1.0608 has been followed by a rapid sell-off to 1.0328, close to the 1.0341 March peak and the 1.0297 April high.
In view of the impulsive surge higher having been made over the past few weeks, further upside remains in store for the months to come, however.
The 1.0656/75 resistance area (July and August 2010 highs and the 2011 peak) will be targeted once the current July high at 1.0608 has been overcome on a daily chart closing basis.
Another potential longer term upside target can be seen around the 2010 peak at 1.0850, made in May of that year.
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