by Mon, 24 May 2010 01:16:00 +0200
USD/CAD retreats from intra-day high at 1.0640
FXstreet.com (Barcelona) - The Greenback moved higher through overnight trading limited by 1.0640 level. USD/CAD opened with a 15 pips upgap as the Loonie initially failed to reverse the upward course and USD added upside pressure.
At present, the pair swarms at 1.0620, after retreating from intra-day highs at 1.0639 area. The small bullish burst in the first 2 hours of trading seems to be fading away. The run up had erased 1/3 of Friday's 110 pips bearish correction from 1.0700.
Commenting on last week's upmove, an invigorating USD rose sharply around 300 pips against the Canadian Dollar as flight to safety dominated most wise moves. Wild volatility kept wary investors bidding for the safest corners in the Forex market, with USD and JPY being the best performers.
| Technical Analysis (2010-05-23 23:13 GMT) | |
|---|---|
USD/CAD 1.0622/1.0624 - O: 1.0628 H: 1.0632 L: 1.0617 C: 1.0622 | |
| Trend | R3: 1.0686 |
 | R2: 1.0660 |
| R1: 1.0633 | |
| S1: 1.0567 | |
| S2: 1.0593 | |
| S3: 1.0620 | |
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