USD/CAD analysis (July 02nd 2011)

With a break below its rising trendline last week, the USD/CAD is poised to resume its downtrend with a next target at 0,95 (near previous low and weekly lower bollinger band).


USD/CAD: daily chart

We might see some kind of pullback over the coming sessions but we now look only for short trades. We will also watch the Loonie related pairs for good opportunities (the goal being obviously to buy the single currency against the others).

We would consider an invalidation of the strategy with a daily close above critical level at 0,98.