by Tue, 19 Oct 2010 14:14:00 +0200
Forex: USD/CAD reaches 1.0270
FXstreet.com (Buenos Aires) – USD/CAD extends its weekly impressive rally, reaching a 3 week high just above 1.0270, after falling below parity past Friday. Ahead of Canada Rate Statement to be release in less than an hour, the cross has been favored by falling oil prices, as crude barrel fell to current $ 82.50 price zone from an intraday high above $ 83.60; stocks falling across the world are also favoring the recovery in the pair.
Technically pair seems testing a key resistance area, as according to César Leiceaga from www.deltastock.com, “pullback to support zone was limited by 1.0140 zone. Focus is on the 38.2% level in 1.0240/50, key to the upside, it coincides with the triangle base formed on the daily chart and the 4 hour 200SMA”.
| Technical Analysis (2010-10-19 12:00 GMT) | |
|---|---|
USD/CAD 1.0242/1.0245 - O: 1.0015 H: 1.0017 L: 0.9993 C: 0.9997 | |
| Trend | R3: 1.0307 |
 | R2: 1.0281 |
| R1: 1.0256 | |
| S1: 1.0193 | |
| S2: 1.0219 | |
| S3: 1.0244 | |
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