Canadian dollar (CAD), Daily Review, August 24th 2010

24 August 2010 @ 06:32 am EDT

The Canadian Dollar touched the weakest level in a month as crude oil declined and traders reprised their expectations for a Bank of Canada interest rate increase, in light of economic data that suggests a slowing recovery. As long as the USD/CAD is above 1.0450 levels, a long position is preferred. The next resistance on the one hour chart is located at 1.0535 and if the price crosses, this level the trend will continue to be bullish. Overall, USD/CAD traded with a low of 1.0444 and with a high of 1.0530. Today, Core Retail Sales are expected to weaken from 3.8% to 1.6%.

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