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Forex Analysis
by ForexNewsNow Team on December 1st, 2010

USD/CAD forex technical analysis round-up: Dec. 1

canada cad usd dollar forex analysisNEW YORK (Forex News Now) – The greenback was falling against the Canadian dollar today, trading at 1.0212 as of around 9:00 A.M., GMT on Wednesday.

The greenback is down from an open of 1.0264 and has reached a session high of 1.0272 with a low of 1.0204 so far.

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

Forexcycle writes that USD/CAD broke above 1.0263 resistance and that key resistance could be seen with a further rise toward the high of Oct. 19, 1.0372.

“Support is now at 1.0167, only break below this level could trigger another fall towards 0.9977,” it adds in its intraday analysis.

Precise Trader, for its part, writes that the hourly the hourly oscillators are bullish and the price is above the MA, so the bears have be sidelined.

It adds: “Hourly trend is sideways up while 10150 holds and daily trend is turning up while 9975 holds, so expect the price to be choppy with a potential to break higher,” it is comment on currency market trading.

Finally, Pivotfarm notes that the USD/CAD has slipped into the neutral zone, “with most currencies holding in the neutral zone in terms of retail positioning.”

By ForexNewsNow Team

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