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Forex: USD/CAD hovering over 0.9900

By FXstreet.com,  April 24, 2012, 06:05:00 AM EDT

FXstreet.com (Barcelona) - The Loonie is trading near today's lows as the greenback continues to grind lower. Reinforcing the downside, the cross is still under the effects of last week's decision of the BoC to leave the interest rate unchanged at 1.0% plus the more hawkish stance of the Canadian central bank.

Ahead in the day, Canadian retail sales for the month of February are due. Prior surveys expect the headline to be lower than the previous month.

As of writing, the cross is down 0.01% at 0.9905, facing the next support at 0.9897 (low Apr.20) ahead of 0.9880 (low Apr.19) then 0.9873 (Lower Bollinger) and 0.9865 (low Apr.17).
On the upside, a break above 0.9948 (MA10d) would expose 0.9956 (MA21d) then 1.0012 (high Apr.17) and 1.0033 (high Apr.16).




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

Referenced Stocks:



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