The Week Ahead - USD/CAD Forecast
The US Dollar has Weakend against Canadian Dollar Last week and is Sets Up For A Run At 0.9840 Level.
USDCAD: With USDCAD reversing its previous week gains to close lower on Friday, the risk is for further declines to shape up towards the 0.9840 level. A decisive violation of the 0.9840 level will pave the way for further declines towards the 0.9804 level, its Sept 19’2011 low. Further down, support lies at the 0.9779 level, its Sept 16’2011 low with a breach targeting the 0.9724 level, its Aug 31'2011 low. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to climb above the 1.0033/48 levels to annul its present bearishness and bring further gains towards the 1.0146 level. Further out, resistance resides at the 1.0250 level and then the 1.0317 level followed by the 1.0423 level, its Dec 14’2011 high. All in all, the pair remains vulnerable to the downside as it looks to weaken further.
Category: Canada Dollar , Forex , US Dollar
Be the First one to Response to this Post!
Post a Comment