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Sat05192012

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Forex - Commerzbank USD/CAD technicals

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Technical analysts at Commerzbank note that the greenback keeps trading around the 200-day MA versus its Canadian counterpart. According to the bank, resistance for US currency lies at 1.0049/73 (December minimum and January 3 minimum) and at 1.0149/46 (55-day MA and the 3-month downtrend).

The outlook for the pair will become positive only above the latter. Commerzbank says US dollar won’t likely get that high this week.

The specialists think that the pair USD/CAD may slide to October minimum at 0.9892. In their view, this level will contain further declines as only an unexpected drop and 2 daily closes below the October low would point towards further range trading with a bearish bias and the possibility of such outcome isn’t high.

published by FBS Holdings © 2012

 

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