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USD/CAD - Will Bank of Canada cut Interest Rate Again
By: Finotec - 10-12-2007
0votesThe Canadian dollar charged higher on Friday as a strong domestic jobs report showed the economy hanging in despite turmoil in the U.S. housing sector and financial market disruption.
Fundamental
The Canadian dollar charged higher on Friday as a strong domestic jobs report showed the economy hanging in despite turmoil in the U.S. housing sector and financial market disruption.
The Canadian jobs strength follows robust third-quarter economic growth, but also comes as the Bank of Canada's view of the fallout from the U.S. subprime mortgage crisis has soured.
The central bank cut its overnight rate by a quarter point to 4.25 percent earlier this week, and most of the dealers expect another cut in January.Technical
For medium term the US dollar may continue the uptrend against the Canadian; according to technical charts the market is in a bullish direction with confirmation of many indicators like RSI, which is in an uptrend, MACD crosses 2 Moving Averages and breaks the zero line upwards, Bollinger gives us a bullish signal by closing the candle above the middle band.Primary Tendency
The primary tendency is in a downtrend that started from 5 March 2007
Secondary Tendency
The medium term is in an uptrend and reached 1.0215
Minor Tendency
The Minor trend is in a downtrend
Resistance
1.0150
1.0095Support
0.9975
0.9900
Next Analysis: Will Euro Stop Falling against US DollarContent Provided by:
Finotec
Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and no
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