FXStreet (Barcelona) – Steve Miley of MarketChartist, sees bull pressures re-energizing for the USD/CAD pair, targeting 1.1655 levels through year-end.
“The strong bull rally to end November has stalled at the cycle high at 1.1468, but has produced a bullish shift for upside risk into mid-December. Erratic consolidation has dominated much of this week, but the rebound from 1.1313, significantly above notable support at 1.1223 sees bull pressures re-energizing.”
“We still see early December risk higher for 1.1468.”
“Above the cycle high at 1.1468 then targets 1.1500, 1.1543 and maybe into year-end up to the 61.8% retrace of the entire 2009-11 sell off at 1.1655.”
“Overshoot threat is then a key weekly failure peak from 2009 at 1.1727.”
“Momentum: The 8-day RSI, short-term momentum is again positive, but not OB, leaving scope to go still higher this week.”