by Wed, 11 May 2011 22:28:00 +0200
Forex: USD/CAD peaks at 0.9637
FXstreet.com (Córdoba) – The Dollar is headed toward the first daily gains, after falling in the previous three trading session against the Loonie. The USD/CAD bottomed at 0.9512 on European hours but bounced and rose sharply, peaking at 0.9637 during the American session and retreated afterwards, pulling back to 0.9595. At the moment it is trading back on top of 0.9600.
A big decline in commodity prices with the barrel of crude oil falling under $100 and risk aversion weighted on the Loonie.
“USD/CAD has done all necessary for a bull market continuation; we can see corrective move from a top supported at 61.8% level, from where bounce look clearly impulsively”, affirmed Gregor Horvat from Elliott Wave Forecast. He pointed out that higher levels are in view, even above 0.9710, where April highs lie “while pair trades above 0.9513 support”.
| Technical Analysis (2011-05-11 20:00 GMT) | |
|---|---|
USD/CAD 0.9609/0.9613 - O: 0.9627 H: 0.9631 L: 0.9598 C: 0.9621 | |
| Trend | R3: 0.9661 |
 | R2: 0.9637 |
| R1: 0.9612 | |
| S1: 0.9559 | |
| S2: 0.9583 | |
| S3: 0.9608 | |
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