Forex: USD/CAD up after hitting new 10-week low

By IBTimes Staff Reporter | January 07 2010 8:18 AM

FXstreet.com (Barcelona) - The USD/CAD is regained positive ground after marking a new low at 1.0290 not seen since Oct. 20 at the opening of today's European session.

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The pair is currently trading around 1.0335, near the daily high, at the time of publication.

We expect some bullish correction for yesterday's descend that retests the breached horizontal support level at 1.0360 and then returns to achieve more possible bearish movement over an intraday basis heading towards upcoming main targets around 1.0200 - 1.0180, said the ecPulse.com analysis team, while adding, Keep in mind that these expectations will prevail if 1.0435 remains intact with the four hour close below it.

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