Wednesday, July 13, 2011

Commerzbank: comments on USD/CAD

The greenback jumped off the breached downtrend resistance line from August 2010 maximums.

Technical analysts at Commerzbank claim that if the pair USD/CAD closes above the week’s minimum at 0.9565, it will get chance to retest the 200-day MA at 0.9875.

The specialists say that if US dollar drops below 0.9565, the pair will be poised down to 0.9527/0.9449 support area representing the minimums of the beginning of April and the middle of May.

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