USDCAD Base Formation
The USD/Canadian Dollar has been bouncing between a base at 0.98-0.97 and massive resistance at 106-105-104 for the past 6 months.
The price is quiet here against this 0.9900 level and it appears that the downside momentum is over for the time being.
I can also imagine that investors have been hiding in the Canadian Dollar for the past few years as a resting place for financial markets to settle out. Now that Gold is struggling to perform and US Gov't bonds are also under pressure, it may be time to look for a meaningful appreciation of the US Dollar in the next few quarters.
Upside to 106 to 108 with risk to 0.97 from 0.9931 last. Upside 7-9, downside 2.
By: Technical Tim, March 21, 2012 11:01AM EST
The price is quiet here against this 0.9900 level and it appears that the downside momentum is over for the time being.
I can also imagine that investors have been hiding in the Canadian Dollar for the past few years as a resting place for financial markets to settle out. Now that Gold is struggling to perform and US Gov't bonds are also under pressure, it may be time to look for a meaningful appreciation of the US Dollar in the next few quarters.
Upside to 106 to 108 with risk to 0.97 from 0.9931 last. Upside 7-9, downside 2.
By: Technical Tim, March 21, 2012 11:01AM EST
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.