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16 Dec 2014
USD/CAD bull theme reinforced and re-energized – MarketChartist
FXStreet (Barcelona) - Steve Miley of Market Chartist, notes that the USD/CAD pair made yet another new recovery high to start the week, completely rejecting the dip through the minor support last week, reinforcing the bullish pressures.
Key Quotes
“The Monday probe above the 61.8% retrace of the entire 2009-11 sell off at 1.1655 maintains upside risks from the strong bull rally from early December.”
“Short-term Outlook - Upside Risks: Threat is now to a key weekly failure peak from 2009 at 1.1727. Overshoot threat through year-end id to a minor weekly target from 2010 at 1.1817 and maybe even the psychological/ option target at 1.2000.”
“Momentum: The 8-day RSI, short-term momentum is positive, slightly OB (confirming new highs), but still has scope to go still higher this week.”
“For Today: We see an upside bias through 1.1685, risk to 1.1727. But below 1.1600 aims for 1.1547.”
Key Quotes
“The Monday probe above the 61.8% retrace of the entire 2009-11 sell off at 1.1655 maintains upside risks from the strong bull rally from early December.”
“Short-term Outlook - Upside Risks: Threat is now to a key weekly failure peak from 2009 at 1.1727. Overshoot threat through year-end id to a minor weekly target from 2010 at 1.1817 and maybe even the psychological/ option target at 1.2000.”
“Momentum: The 8-day RSI, short-term momentum is positive, slightly OB (confirming new highs), but still has scope to go still higher this week.”
“For Today: We see an upside bias through 1.1685, risk to 1.1727. But below 1.1600 aims for 1.1547.”