USD/CAD Technical Analysis for May 5, 2011

The USD/CAD pair rose for the third day in a row, as the commodity markets fell hard yet again today. The Loonie is still favored over the Greenback, and this should only represent a selling opportunity, as soon as resistance is shown.. Look for resistive action at the 0.95 (basically here) and 0.97 areas, as new sellers should enter the market. Buying isn’t recommended under any circumstances as the market is so decidedly bearish.

Written by