FXstreet (FXstreet.cz)
Currencies  |  December 10, 2010 12:52:55

Forex: USD CAD is still moving sideways

CAD USD currency pair on the bounce rate from the value 1.0000 is now moving sideways around 1.0100 at the surface. Band in the range 0.9976 to 1.0000 seems to be very strong support. We remain in anticipation of further development. In the event of puncture 1.0000 Support can we expect a further decline in the market to the 0.9929 level, which is another significant support. On the other hand, the penetration resistance at 1.0139 and 1.0286, we can expect a market recovery and further growth potential.

On the daily chart clearly shows a significant fall of the value of 1.3062 and complete stop at the market rate value 1.0000, which tried several times to test the market. It is absolutely apparent indecision of the market. Even on the daily chart, we see major support at 1,000 and resistance at the fundamental and 1.0671 1.0851. At this time we are unable to predict the further development and therefore wait.

Daily pivot points:

  • R3 1.0190
  • R2 1.0157
  • R1 1.0131
  • P 1.0098
  • S1 1.0072
  • S2 1.0039
  • S3 1.0013

Peter Mašláň
Forex Trader

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