by Wed, 07 Jul 2010 16:16:00 +0200
Forex: USD/CAD completes downside reversal
FXstreet.com (Barcelona) - The Loonie had an impressive come back towards its opening price at 1.0540, after it reached an intra-day high at 1.0604. The turnaround was coincidental with a temporary rise in risk appetite.
The Greenback shed more than 90 points after a bearish spike took full control in the pair, making most of its downward progress in the last 2 hours of trading. After landing at neutral opening price where all started in Asia, the Canadain Dollar pushed further down to hit its intra-day low at 1.0514. Current price was elevated to 1.0530 now.
According to the Mataf.net Team: “resistance areas may be taken at 1.0745, 1.0685, 1.0610. Support levels may be found at 1.0320, 1.0485, 1.0555”.
| Technical Analysis (2010-07-07 14:08 GMT) | |
|---|---|
USD/CAD 1.0531/1.0535 - O: 1.0537 H: 1.0554 L: 1.0518 C: 1.0531 | |
| Trend | R3: 1.0594 |
 | R2: 1.0567 |
| R1: 1.0541 | |
| S1: 1.0469 | |
| S2: 1.0496 | |
| S3: 1.0522 | |
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