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Greg Michalowski

Forex Trading: USDCAD Approaches The 2009/2010 Low


By Greg Michalowski on March 10, 2010 | More Posts By Greg Michalowski | Forex News By FXDD

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USDCAD is approaching the low from 2010 and the low from 2009.  The low price for 2010 was 1.0223. The low today reached 1.0214. The low from 2009 reached 1.0205.  A break below is likely to solicit additional selling pressure for the pair.

On the topside, a move above 1.0234 will be eyed for the potential of a short covering rally.  The market does seem caught long, however, given the sharp move lower today.

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