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Canadian Dollar Cross Pick 02.13.2012

Canadian Dollar Cross Pick 02.13.2012

David Song, Strategist

The USD/CAD looks poised for a reversal as the pair finally closed above the 10-Day SMA (0.9972), and I would like to go long at the 20-Day SMA (1.0022) as I expect the pair to recoup the losses from earlier this year. However, as the DailyFX Speculative Sentiment Index continues to cast a bearish outlook for the dollar-loonie, I will sit pat until we see the ratio come back from positive territory.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.