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USDCAD: Bulls Fail to Recapture Parity

USDCAD: Bulls Fail to Recapture Parity

2011-02-04 05:14:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD failed to build significant on its first attempt to test above parity, sliding back toward support January’s swing low. This is reinforced major multi-month trend line support connecting key lows since mid-June 2010 (now at 0.9810). Current positioning doesn’t offer and actionable trading signal and we will remain on the sidelines until something more attractive presents itself. Near-term trend line resistance lines up at 1.0002.

USDCAD_Bulls_Fail_to_Recapture_Parity_body_02042011_CAD.png, USDCAD: Bulls Fail to Recapture Parity

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