Due to general dollar negative sentiment, and continue rise in commodities and stocks, Canadian dollar is offering some interesting chances today, as is quickly approaching to a strong support area the 1.0400/20, where pair will offer some interesting counter trend rebound as hourly indicators are close to over sold. Next support in the pair comes at 1.0375, so a clear acceleration under that level, will deny any further chance of recovery and send the pair to test the 1.0330 area.
However, oil is quoting around $80.00 a barrel, and seems hard to see prices moving to far up in the commodity, so chances of an upside rebound are higher.
Resistances today, lie at 1.0460, 1.0490/1.0500 area and above, 1.0540, so confirmations above that 1.0460 level will likely send the pair to the upside.
However, oil is quoting around $80.00 a barrel, and seems hard to see prices moving to far up in the commodity, so chances of an upside rebound are higher.
Resistances today, lie at 1.0460, 1.0490/1.0500 area and above, 1.0540, so confirmations above that 1.0460 level will likely send the pair to the upside.
