Forex Flash: USD/CAD to end 2012 at 0.99 - Scotiabank
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USD/CAD
FXstreet.com (San Francisco) - With little of interest happening in the Forex marketplace as investors remain sidelined ahead of this Friday's Jackson Hole conference, USDCAD has made a noteworthy dip to lows below the 0.9900 figure this Monday, sliding to as low as 0.9891.
Technically speaking, "The medium-term charts highlight that the 50, 100 and 200 day moving averages have all converged at 1.0089, suggesting that USDCAD is at an interesting cross roads," comments Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. "We look for USDCAD to close the year at 0.99 and next at 0.97." USDCAD last trades at 0.9902, around 20 pips below the close overnight Friday.
Technically speaking, "The medium-term charts highlight that the 50, 100 and 200 day moving averages have all converged at 1.0089, suggesting that USDCAD is at an interesting cross roads," comments Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. "We look for USDCAD to close the year at 0.99 and next at 0.97." USDCAD last trades at 0.9902, around 20 pips below the close overnight Friday.
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