Forex Market Updates & Commentary |  |
- Canada’s Finance Minister Flaherty on the newswires. USDCAD trades near the highs on lower oil/stocks
- Nov 20 2009 Forex Midday Report for Friday
- GBPUSD pushes up to test the 100 bar MA at the 1.6522 level
| Posted: 20 Nov 2009 10:30 AM PST Says that the global economy has stabilized but remains fragile and agrees with the OECD that new stimulus should be resisted.
The USDCAD has been rallying over today (and this week) on the back of lower oil, lower stocks and a general flight into the dollar and out of the riskier currency pairs. The price is trading near the high for the week and looks toward a longer term target of 1.0785 - the 38.2% retracement of the move down from from July 8th high to the low reached in October. The 100 day MA is also tracking down and this too may come into play soon at 1.0813. The USDCAD has been below the 100 day moving average since 1.2393 on April 22nd. A break above this moving average would be of significance. Looking at the shorter term chart, the price consolidated in early volatile trade in the Far East session, then started a march higher. The pair tested the 100 bar MA as London was exiting for the weekend but has moved back toward the highs for the day. The 100 bar MA is currently at the 1.0701 level. This level will be watched. Next week Retail Sales for September will be released on Wednesday. The expectation is for a gain of 0.6% and +0.4% ex autos. This is the only release for the Thanksgiving week. Therefore, it is likely that the action in the pair will continue to be dictated by the action of oil/commodities and stocks as the flows go in and out of the risk pairs. Keep an eye on the key technical levels for the clues to the direction. |
| Nov 20 2009 Forex Midday Report for Friday Posted: 20 Nov 2009 09:35 AM PST |
| GBPUSD pushes up to test the 100 bar MA at the 1.6522 level Posted: 20 Nov 2009 08:21 AM PST
Look for profit taking sellers against the level. A break above targets 1.6540 next. On the downside look for support at the 1.6495 level. |
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