Forex: USD/CAD finds support at 1.1235
Thu, Jun 18 2009, 16:06 GMT
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Fxstreet.com (Barcelona) - The USD/CAD's decline from 1.1365 intra-day high has found support at 1.1235 in the American session after falling 130 pips since the European morning. Currently the pair is trading around 1.1270/80, yet in the negative daily field, trading 0.15% below today's opening price.
According to Anna Coulling, analyst at Master The Markets, the USD/CAD has could resume its downtrend: "Yesterday's candle to the usd to cad daily chart may have signaled an end to the recent short squeeze higher and a possible resumption of the continued move lower. Of particular interest was the high of yesterday which failed to break through the 40 day moving average which would suggest this now presents a barrier to any move higher and the bar finished with a deep upper shadow suggesting that the US Dollar bears were once again in control."

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