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Forex: USD/CAD pares losses ahead of BOC

By FXstreet.com,  January 18, 2011, 08:45:00 AM EDT

FXstreet.com (Barcelona) - The USD/CAD is buoyed to the upside, directly ahead of the BOC's interest rate decision. The pair has gained around 30 pips in the last hour to move away from daily lows towards a session high of 0.9875 and erases losses accrued over the Asian session.

Currently the pair trades around 0.9870 where it seems to find slight resistance to extend further. Critical levels to the upside are listed at 0.9907 (10-Day MA), 0.9978 (Daily High Jan 14) and 0.9985 (Daily High Jan 10). Underneath, support is placed at 0.9820 (Daily Low May 21), 0.9802 (Lower 21-Day Bolli Band) and 0.9710 (Feb 2008 Low).




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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