USD/CAD aims for 2011 secular high at 1.0657; Overshoot threat to 2010 peak, 1.0854
- A far more aggressive rally than expected and a fully re-energized bull theme with the acceleration last week through the pivot area at 1.0285/95, better barriers at 1.0385/90 and the peaks at 1.0421 & 1.0446 on Friday.
- This now sets up risk for still further upside to a key cyclical target from 2011 at 1.0523 this week, likely today and then maybe to 1.0657, the 2011 secular high.
- Overshoot risk is 1.0854, the 2010 high.
- The 8-day RSI, short-term momentum is positive, but not particularly OB, leaving scope to go higher this week
- Below 1.0385 eases bull risks; through 1.0280 signals a more neutral tone, only shifting negative below 1.0135.
Please download audio-visual analysis here: