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Currency Pick of The Week
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Currency Pick of The Week
Sat, Aug 8 2009, 04:56 GMT
Forex Reviews
Read the independent Forex reviews on a wide range of trading platforms, systems & brokers. All reviews are completely unbiased and factual.USD/CAD- Greenback set to trade in the Green
The USD/CAD pair seems to have registered at least an intermediate bottom at the 1.0630 levels in the week gone by. The recent lows correspond to the 61.8% Fibonacci retracement level on the weekly charts of the up move since November 2007 at 0.9056 to March 2009 highs of 1.3064. in terms of the Elliott wave as well, the market seems to have completed a distinct five wave down pattern on the daily charts as indicated. Hence a rally appears to be imminent!
The economic data (jobless claims and manufacturing data) coming out of the US does support the view of strength in the US Dollar- a view echoed by various other currency pairs vis-à-vis the Greenback. With emerging markets too underperforming (surprising?) the American equities this week, money flows seem too be heading back to the land of opportunity. All these factors are making the USD/CAD pair oversold, as the Bollinger Bands would have it (daily charts). Hence, traders can look towards the long side upon dips around 1.0700-1.0780 with a stop loss below 1.0600. Immediate resistance is at 1.0933-1.1030 levels. Target these levels.
Published on Sat, Aug 8 2009, 05:01 GMT
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