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Mohammed Isah
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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for... More
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  • Currency Outlook: USDCAD 1 comment
    Jun 7, 2011 7:53 AM
     
    USDCAD: Losses Upside Momentum, Faces Bear Threats.
     
    USDCAD:  Price failure at the 0.9849 level may have turned USDCAD lower and triggered weakness but while the pair holds above the 0.9639 level, its May 20’2011 low, the risk remains higher nearer term. This will keep further upside pressure on the 0.9969 level, its Mar 15’2011 high. This area should hold and turn the pair back lower, but if it fails, bear threats should follow towards the 0.9653 level, its May 31’2011 low. We expect this level to provide a stronger support and turn the pair higher if tested but if taken out, the pair could face further weakness towards the 0.9511 level, its May 11’2011 low and then the 0.9446 level, its 2011 low. 

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    i believe we are going to break 0.9840 tomorrow. Closed to 0.9730 today, bearish candle but it is still making higher highs, lower lows, weekly is impeccable.
    Once it breaks above 0.9840 it is going to go to 1.0850 or higher in a non-stop move.
    7 Jun 2011, 03:07 PM Reply Like
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