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Forex: USD/CAD set to post fourth consecutive daily gain

By FXstreet.com,  May 11, 2012, 03:33:00 AM EDT

FXstreet.com (Barcelona) - The greenback has been rallying against the loonie since Tuesday and its on its way to post a fourth consecutive day of gains. The pair has risen by 0.30% today ahead of Canadian and American indicators. The consumer sentiment and the producer price indices in the US are expected to rise to 76.5 and by 2.1%, respectively. On the other hand, the Canadian unemployment rate, which is due at 12:30 GMT, is expected to rise to 7.3% from 7.2%.

The pair is currently trading at 1.0050, facing resistance at 1.0067 and 1.0102, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 0.9986 and 0.9928.




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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