|
Daily Forex Technicals |
Written by FXTechstrategy |
Feb 01 12 12:29 GMT
|
USDCAD: Vulnerable Despite Price Hesitation
USDCAD: While USDCAD is trying to stage a recovery having held above the 1.0000 level, its big psycho level and its Tuesday low at 0.9964 level, it still remains susceptible. This will leave the pair targeting the 0.9890 level, its Oct 27'2011 high. Both its daily and weekly RSI are bearish and pointing lower suggesting further declines. Alternatively, the 1.0284/1.0317 levels will have to be violated to put on hold the pair's present weakness and then target the 1.0423 level, its Dec 14'2011 high followed by its Nov 25'2011 high at 1.0524. Further out, its Oct'2011 high at 1.0665 will come in as the next upside target. All in all, the pair remains vulnerable to the downside on further weakness.
|
About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
