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Forex: USD/CAD hovering around parity

By FXstreet.com,  March 22, 2012, 02:47:00 PM EDT

FXstreet.com (San Francisco) - USD/CAD has climbed more than 0.75% Thursday, reaching levels just above parity at 1.0007 from its starting price at 0.9919, last quoted at 1.0000. The pair has been trading in choppy consolidation mode and has recently broken to the upside and now trades near the top of the range.

"CAD is slipping lower, but for those that do not want to think, the only indicator needed to get direction for USD/CAD is S&P Futures," comments an analyst on the FXMarketAlerts Team. "The reverse correlation is gaining credibility once again. Over the last three sessions, USD/CAD price action has been a mirror image of the price action seen in S&P Futures. For some it is comforting to see old relationships re-establish themselves."




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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