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FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, short term the USDCAD is bullish while the medium term picture remains bearish below 1.2360-1.2424.
Key Quotes
"As we discussed yesterday in our members commentary, ST the USDCAD is bullish while MT being bearish below the key resistance zone (between 1.2360-1.2424)."
"The pair has been correcting in a small consolidation and formed an intraday pin bar off the corrective lows (showing some bidding interest to hold the ST line there)."
"I'm expecting an upside attack to head towards 1.2360-90 near term. From here I'm anticipating bears will re-enter the market so you have your line in the sand. Only a daily close above this resistance zone changes my MT bearish bias. ST I'm bullish."
