USD/CAD Weekly Outlook

by ActionForex.com on May 15, 2010

USD/CAD dropped sharply to as low as 1.0109 last week but rebounded since then. A temporary low should be in place and initial bias is mildly on the upside this week for 61.8% retracement of 1.0734 to 1.0109 at 1.0495 first. Break will target a retest of 1.0734 high. On the downside, below 1.0109 will turn focus back to 0.9929 low again.

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