USDCAD: Stalled And Directionless Ahead Of The 1.0000 Level

Daily Forex Technicals | Written by FXTechstrategy | Apr 13 10 14:50 GMT |

USDCAD- The pair continues to hesitate above its parity level. As highlighted in our past analysis, while USDCAD continues to trade above the mentioned level risk of a base forming price activities exist for an eventual corrective recovery with the 1.0219 level, its Jan 14’10 low and the 1.0301 level, its Mar 26’10 high coming in as upside targets. Beyond there will open the door for more strength towards the 1.0320 level, its Mar 11’10 high and next its Feb 22’10 low at 1.0368. That level should cap recovery if tested and turn the pair back down in line with its broader medium term weakness. Alternatively, a break and hold below the 1.0000 level, its psycho/parity level will set the stage for a decline towards its 2010 low at 0.9975 with a cut through there putting further downside pressure on the 0.9818 level, its July’08 low and then the 0.9707 level, its Feb’08 low or even lower. Mohammed Isah Market Analyst www.fxtechstrategy.com This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report