USDCAD Base Formation
The USD/Canadian Dollar has been bouncing between a base at 0.98-0.97 and massive resistance at 106-105-104 for the past 6 months.
The price is quiet here against this 0.9900 level and it appears that the downside momentum is over for the time being.
I can also imagine that investors have been hiding in the Canadian Dollar for the past few years as a resting place for financial markets to settle out. Now that Gold is struggling to perform and US Gov't bonds are also under pressure, it may be time to look for a meaningful appreciation of the US Dollar in the next few quarters.
Upside to 106 to 108 with risk to 0.97 from 0.9931 last. Upside 7-9, downside 2.
By: Technical Tim, March 21, 2012 11:01AM EST
The price is quiet here against this 0.9900 level and it appears that the downside momentum is over for the time being.
I can also imagine that investors have been hiding in the Canadian Dollar for the past few years as a resting place for financial markets to settle out. Now that Gold is struggling to perform and US Gov't bonds are also under pressure, it may be time to look for a meaningful appreciation of the US Dollar in the next few quarters.
Upside to 106 to 108 with risk to 0.97 from 0.9931 last. Upside 7-9, downside 2.
By: Technical Tim, March 21, 2012 11:01AM EST
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