Forex: USD/CAD in session highs, around 0.9990

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FXstreet.com (Barcelona) - The greenback is advancing against its fellow neighbor on Tuesday, as the risk aversion is gathering pace after the speech by Chief B.Bernanke, while market participants remain cautious waiting for the outcome of the EU finmin gathering.

Data-wise, Canadian wholesale sales have contracted 1.4% on a monthly basis during September, down from the +0.5% forecasted and the +0.3% previous.

Camilla Sutton, Strategist at Scotiabank, comments "We expect today's range to fall between 0.9915 and 1.0000".

As of writing, USD/CAD is up 0.22% at 0.9985 facing the next hurdle at 1.0019 (high Nov.19) follwed by 1.0044 (Upper Bollinger) and 1.0057 (high Nov.16).
On the other hand, a breakdown of 0.9954 (low Nov.19) would open the door to 0.9948 (low Nov.8) and 0.9937 (MA100d).



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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