25 Jul 2013
Flash: USD/CAD eyes 1.0660 as next target - JPMorgan
FXstreet.com (Barcelona) - After the break above 1.04/1.0450, the USD/CAD upside bias towards next target at 1.0660 prevails, according to JP Morgan Securities FX Team.
Key quotes
"There is a growing risk that a deeper upside retracement and potential larger basing process is underway. Upside breaks would shift the focus to 1.08/1.0855 zone which includes the 2010 peak and the 38.2% retracement from the 2009 high."
"For the short term view, while the decline from the July peak was more dynamic than expected, it has a similar pattern to the declines from the April and May highs."
"The main test will be whether USD/CAD can hold key support levels starting with the 1.0320/1.0250 zone which represents the 76.4% retracement of the rally from the June low."
Key quotes
"There is a growing risk that a deeper upside retracement and potential larger basing process is underway. Upside breaks would shift the focus to 1.08/1.0855 zone which includes the 2010 peak and the 38.2% retracement from the 2009 high."
"For the short term view, while the decline from the July peak was more dynamic than expected, it has a similar pattern to the declines from the April and May highs."
"The main test will be whether USD/CAD can hold key support levels starting with the 1.0320/1.0250 zone which represents the 76.4% retracement of the rally from the June low."