novvoll12
Long

USDCAD-bullish- Posts new 11-year highs within a rising channel

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             surged to a new 11-year high at 1.3212 Wednesday (August 5, 2015) within a 7-week rising channel . Despite overbought conditions, further gains open the 1.3310 area (June 30, 2003 monthly low) near 61.8% of the entire 1.6184/0.9056 fall at 1.3467. The 1.3109/1.3102/1.3076 support zone near channel lower bounds (as shown on the 240minute chart) should hold dips. However, a break below the latter would caution for further correction towards 1.2941/1.2860.
Outlook:
Short term: bullish
Long term: bullish
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