Market Analysis

Fundamental

Technical

Futures

Central Banks

Forex Brokers

Trading Tools

More Tools

 

CAD elevated as U.S. dollar continues downtrend

07-04-2008 - Finotec  |   Signals
Rate this article:
Currently 2.84/5
Rating: 2.8/5 (19 votes cast)
Previous Analysis | Next Analysis 
 
Text Size
Print
Email
Add a Comment
Add to Favorites

The Canadian dollar closed lower versus the U.S. dollar on Friday as data showed job growth moderated in Canada in March after two solid months, but the currency still ended the week with a 1.2 percent gain.

Fundamental
The Canadian dollar closed lower versus the U.S. dollar on Friday as data showed job growth moderated in Canada in March after two solid months, but the currency still ended the week with a 1.2 percent gain.
Canadian bond prices finished higher across the curve as the jobs report was followed by U.S. jobs data that persuaded many investors that more aggressive interest rate cuts in the United States will be needed to stimulate the economy.
Details of the Canadian March jobs report signaled a softening jobs market and slowing economy, which supported calls for another Bank of Canada rate cut when the bank next sets interest rates on April 22.

Technical
The U.S. dollar may continue the downtrend against the Canadian; according to technical charts the market is in a bearish direction with confirmation of many indicators like RSI, which is in a downtrend, MACD crosses the signal line and is pointing downwards, Bollinger gives us a bearish signal by closing the candle below the middle band.

USD/CAD (Daily Chart)
The primary tendency started in Nov 2007

USD/CAD (4 Hour Chart)
The medium term trend breaks the standard error channel lower line

USD/CAD (Hourly Chart)
The Minor trend shows us clear downtrend

Resistance
1.0100
1.0170

Support
1.0025
1.0000
Content 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...
 
Become a member and get 6 free Forex courses by OTA!

 
  • Charts
 
  • Promotions
 
 

 
  • Webmaster Tools
Economic Calendar
Interest Rates
RSS
Live Currency Cross Rates
Exchange Rates Table
 
 
  • Survey

Which is more important for you on our site:

Streaming rates
Leading stocks
World indices
Interest rates
Futures prices
All of the above

 
ForexPros.com Newsletter
 

 
  • Sponsored Links
 
 

Special Offers: