News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Canadian Dollar Cross Pick 02.14.2012

Canadian Dollar Cross Pick 02.14.2012

David Song, Strategist

I am still looking to buy the USD/CAD as the pair continues to build a near-term base, but will stick to the sidelines for now as the exchange rate struggles to hold above the 20-Day SMA (1.0016). As the DailyFX Speculative Sentiment Index sits at 2.08, the contrarian indicator continues to cast a bearish outlook for the dollar-loonie, and I will wait to see the ratio narrow even further before jumping into a long trade. Nevertheless, the AUD/NZD looks primed for another leg lower after failing to close above the 20-Day SMA (1.2910) throughout February, and we may see 1.2800 finally give way as the pair looks poised for a bearish breakout. However, I may be jumping the gun here as the pair has yet to clear the February low (1.2824), and we will keep a close eye on this pair as it threatens the narrow range from earlier this month.

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