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Weekly Forex Technicals |
Written by FXTechstrategy |
Feb 20 12 03:09 GMT
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USDCAD - Reverses Gains, Eyes The 0.9926 Level
USDCAD - Outlook for USDCAD continues to point lower following its inability to follow through higher on the back of its previous week gains. This development now leaves the pair vulnerable towards the 0.9926 level followed by the 0.9890 level, its Oct 27'2011 high. A breach of there will pave the way for further declines towards the 0.9804 level, its Sept 19'2011 low and possibly lower. Its weekly RSI is bearish and pointing lower suggesting further weakness. Alternatively, the risk to our downside outlook will be a return above the 1.0051/74 levels where a break will send the pair further higher towards the 1.0250 level and then the.0317 level. This if seen will put on hold its nearer term weakness and then target the 1.0423 level, its Dec 14'2011 high followed by its Nov 25'2011 high at 1.0524. All in all, the pair remains vulnerable to the downside short term
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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
