Published: Fri, 15 May 2009 14:13:00 +0200

Forex: USD/CAD rises to test 1.1770/80 resistance

Fxstreet.com (Barcelona) - USD/CAD has rising around 65 pips from 1.1705 (MA55 level on hourly chart) in the early European session to test the 1.1770 resistance and intra-day high level. Currently the pair is trading around 1.1760/70, 0.40% above todays opening price action.

During the current week, Greenback has won 2.30% against its Canadian counterpart from the Monday opening price at 1.1490, reaching 1.1790 as highest and 1.1475 as lowest, to the currently 1.1760/70.

Rajoo C, analyst at Precise Trader, doesn't expect a choppy price in USD/CAD: "USDCAD went up above the previous day high and quickly reversed and closed below the open. Asian Trading was very quiet. CAD was mixed against most crosses. The Hourly Oscillators are mixed so cautious approach is needed. Hourly Trend is Sideways and Daily Trend is Sideways Down, expect the price to be choppy. We prefer to Sidelined or strictly trade only at our levels after the breakout."

By Fxstreet.com

Real-Time Economic Calendar - Currencies at a Glance - Pip Rebate Program

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.