Forex: USD/CAD trading at 0.9790 in muted trading
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USD/CAD
FXstreet.com (Barcelona) - In these moments the USDCAD has secured a modest advance of +0.14% on the day, placing it near the region of 0.9790. Despite the positive trading this morning, the exchange rate has continued to underperform both its 50-hourly SMA by a fairly modest margin (10 pips). Concerning the loonie, the price of crude is trading at USD $88.85, down -1.15% on the day.
According to Analyst Bijoy Kar at MIG Bank, "The USDCAD erased most of its 5 October losses last Friday, which is short-term positive, thus we have removed our prior sell strategy. We thus monitor the hourly resistance at 0.9812 (05/10/2012 high) and take heed of the succession of lower highs since March 2009 that favors an underlying bearish bias."
Briefing the technicals, the technical analyst team at Mataf.net has isolated the following means of resistance at 0.9812, then 0.9851, and finally 0.9890. On the decent, a breach below 0.9734 will initiate supports at 0.9695 and 0.9656.
According to Analyst Bijoy Kar at MIG Bank, "The USDCAD erased most of its 5 October losses last Friday, which is short-term positive, thus we have removed our prior sell strategy. We thus monitor the hourly resistance at 0.9812 (05/10/2012 high) and take heed of the succession of lower highs since March 2009 that favors an underlying bearish bias."
Briefing the technicals, the technical analyst team at Mataf.net has isolated the following means of resistance at 0.9812, then 0.9851, and finally 0.9890. On the decent, a breach below 0.9734 will initiate supports at 0.9695 and 0.9656.
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