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Forex: USD/CAD practically unchanged, trading at 1.0240

By FXstreet.com,  June 19, 2012, 05:00:00 AM EDT

FXstreet.com (Barcelona) - In the absence of any negative news this morning, riskier assets were traded with more confidence, the loonie being no exception. Since it's thrashing in European session yesterday afternoon, the pair has recovered nicely and is trading at opening levels, setting in the 1.0240 region presently. With a shortage of any figures or data trickling out of Canada today, investors may instead focus on the housing and building reports out of the USA at 12:30 GMT today. In more immediate relevance towards the pair, the price of crude has settled at USD $83.02, down another -0.30% after yesterdays collapse in price.

The cross is now declining by the slimmest of margins at a rate of -0.01 % and, according to the ICN.com analysts, will be safeguarded by supports at 1.0200, 1.0150, and ultimately 1.0100. On the other hand, the currency pair will encounter resistance at 1.0250, then 1.0290, and finally 1.0310




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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