USD/CAD forex technical analysis round-up: Dec. 7

ForexNewsNow | Published on December 7, 2010 at 3:48 am

US and CanadaNEW YORK (Forex News Now) – The dollar was falling against the loonie today, trading at 1.0039 at around 8:30 A.M., GMT.

The dollar is down 0.17% on the day and has reached a session high of 1.0070 with a low of 1.0033 so far.

This is what a couple of the analysts say about the currency pair in the near-term:

Forexcycle writes that USD/CAD is consolidating above 1.0000 after being contained by 0.9977 previous low support.

“Another fall to test 0.9977 support is still possible later today, a break below this level will target 0.9700-0.9800 area. Resistance is at 1.0100, only break above this level could indicate that the fall from 1.0285 is complete,” it adds in its intraday analysis.

Meanwhile, Precise Trader writes that the hourly oscillators are mixed and the price is within MA, so recommends a cautious approach.

“Hourly trend is sideways while 1.0120 holds and daily trend is also sideways while 99.20 holds, so expect the price to be choppy until the breakout,” it adds in advice for FX traders.

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