From The Charts – USDCAD
- gregmikefx
- May 31st, 2011
The Bank of Canada (BOC) met this morning for their monetary policy meeting. Although the BOC reiterated its assessment that the higher Canadian dollar was a headwind, the $USDCAD has moved lower. Oil ($CL_F) prices are up over $2.50 which is contributing to the decline as well. The price fell through support at the 0.9698 which reflected the 38.2% retracement of the move up from the May 11th low to the high. That level will now act as resistance with the 0.9662 level being the next target for the pair.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
blog comments powered by Disqus
-
Lydia Idem has been investing in equities for 16 years and trading currencies actively for 5 and a half years. Her trading style is simple and short term. With a special feel for sterling, Lydia trades almost exclusively the GBPUSD and EURGBP. You can follow Lydia on Twitter and StockTwits... (more) -
Archives
-
