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Forex: USD/CAD plummets to 0.9847/49

By FXstreet.com,  January 02, 2013, 06:13:00 AM EDT

FXstreet.com (Barcelona) - The USD/CAD has collapsed Wednesday, as risk appetite has propelled the likes of the CAD and other commodity based currencies against their American counterpart. Having fallen nearly 100 pips from its session highs (0.9946), the pair is now trading in the doldrums at 0.9847/49 in these moments, characterized by a steep decline of -0.85% below its opening.

Later this afternoon at 15:00 GMT, investors will be briefed with a snapshot glance of American manufacturing fortitude via the ISM Manufacturing PMI (December). At the present though, crude oil prices have settled in the red at USD $91.65, down -0.18% on the day.

According to Research Analyst Gareth Berry at UBS, the USD/CAD is strictly neutral for the remainder of the day, as the recent sharp sell-off is approaching critical support at 0.9825 - a break below this would expose correction at 0.9795. In the event of any sustained recovery, resistance lies at 0.9973.




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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