FX.co ★ USD/CAD Bullish Outlook April 07, 2011 (Daily Strategy)

USD/CAD

The sharp increases in the price of petroleum gave support to the price of the Canadian dollar was strengthened significantly in front the U.S. dollar.
In effect, the wave bearish on the loonie - United States dollar pair slowed for the first time yesterday after encountered with the strong support level of 0.9567 and failed to drill down.

The encounter with the strong level of support brings us to the conclusion that the low price of the pair creates an interesting opportunity to buy, a daily close above 0.9610 confirm our bullish outlook.

Our goal for the exercise of the long position is in relation to the second level of monthly resistance around 0.9890