US Dollar / Canadian Dollar 05-11
Recent commentary was that “the USDCAD has bounced from its lowest level since June 2008. RSI has broken to a new high (following divergence at the low) and the USDCAD has broken through its 20 day SMA. Consider that 12 month rate of change has turned up from an historically low level and the bullish evidence presented commands attention.” The pair has soared and broken above its channel but only on an intraday basis. Favor the upside…10200 is support.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.