USDCAD – 1.2400 Still Caps

USDCAD – 1.2400 Still Caps

Chart Of The Day

Although the dollar was persistently strong today, one currency continues to buck the trend. The loonie refused to bend to sellers rejecting the 1.2400 resistance all day long. One possible reason is the rebound in crude which popped above the $50/bbl level and has stayed there for the past few days.

Some analysts believe that crude could trade up to $60/bbl which could fuel a move in USDCAD all the way to 1.2000 support. For now, the market will focus on crude inventory figures due tomorrow as well as comments from Governor Polosz. If both provide some support for the loonie USDCAD could quickly trade towards 1.2250 by the end of tomorrow’s trade.

EURUSD 3100 Still Caps Forex Daily Technicals 06.05.13

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At BKForex, a large part of our trading is short term and the EUR/USD is one our favorite currency pairs to trade.

The EUR/USD is the world’s most actively traded currency pair and for many forex traders, this activity provides opportunity.

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