USD/CAD To Trade Higher
Asia-Pacific exchange net America 2010-01-22 07:56:18
USD/CAD to trade higher. Pair buoyed by strong risk aversion, softer commodity and oil prices (Nymex crude settled down $1.66 yesterday at $76.08/bbl). But USD/CAD gains tempered by weaker USD sentiment, positions adjustment before weekend. Data focus: 1330 GMT Canada November retail sales, November job insurance claims. USD/CAD daily chart positive-biased as MACD & bullish; 5-day moving average staged bullish crossover against 15-day. Resistance at 1.0525 (yesterday''''s high); breach would expose upside to 1.0566 (100-day moving average), then 1.0578 (Dec. 30 reaction high) and 1.0746 (Dec. 17 reaction high). Support at 1.0447 (hourly chart), then at 1.0435 (yesterday''''s low); breach would temper near-term positive outlook, targeting 1.0414 (previous cap set Jan. 12), then 1.0301 (Wednesday''''s low), 1.0246 (lows off Monday & Tuesday) and 1.0222 (Jan. 14 low).