Forex: USD/CAD falls 1.00% on the day, below 1.2150

 @ibtimes
on April 24 2009 5:37 AM

FXstreet.com (Barcelona) - USD/CAD has fallen 1.10% so far today from 1.2257 opening price to reach 1.2109, intraday low. Currently the pair is trading around 1.2120/30.

The pair is closing the week with a slightly 0.26% decreases from Monday opening price at 1.2157 and reach 1.2505 level as highest.

According to the mataf.net analyst team, downtrend in USD/CAd should continue: 1,2176. USD CAD broke 1,2220 support. Bollinger bands are parallel and form the trend. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD CAD. The price should find a resistance below 1,2290 (114 pips). The downtrend should continue on 1,2000 support (176 pips). Resistances 1,2270 - 1,2330. Supports 1,2150 - 1,2080.

Greg Holden, analyst at ForexYard, comments: Whilst the Dollar declined in yesterday's trading against most of its major currency pairs, Oil prices recorded considerable gains. Thus lately, there has been an inverse relationship between the greenback and the black gold. Therefore it is important to follow economic news releases from the U.S. closely today, as a weak U.S. economy is likely to lead to bearish Oil prices. On the other hand, strong U.S. economic data and a strong Dollar are likely to lead to higher Oil prices later today.

For more information, read our latest forex news.

Share this article