FXstreet.com (Barcelona) - Commerzbank analysts believe the 200-day moving average at 1.0120 will provide support for the USD/CAD. If not, important handles at 1.0063 (May-9 high) and 0.9955 (May-11 low) should: “We cannot rule out a dip back to that support area but, if so, would expect it to hold and to act as a platform for another medium term up leg being made”, wrote analyst Axel Rudolph, pointing to the current decline as corrective and expecting the upside to resume above the June high at 1.0364 to target 1.0523 (November high) and 1.0577 (200-week MA).
USD/CAD May 25 at 07:51 GMT
1.0320/25 (0.04%)
H1.0322 L 1.0309
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
