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Forex: USD/CAD extends recovery from 0.9850

By FXstreet.com,  February 15, 2011, 01:03:00 PM EDT

FXstreet.com (Córdoba) - The pair once again found support at the 0.9850 zone during the European session. After Wall Street opening gained momentum and bounce from the lows approaching daily highs. USD/CAD rose to 0.9890, just a few pips below today's opening price.

The pair remains moving inside yesterday's range, with a strong support at 0.9850 and resistance around the 0.9900 zone.

The Loonie lost momentum across the board amid risk aversion and a big decline in crude oil futures. The barrel rebounded at $86.00 and turned sharply to the downside falling to $84.00.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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