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Forex: USD/CAD inching higher, around 1.0220/25

FXstreet.com (Barcelona) - The Canadian dollar is losing ground against its fellow neighbour on Monday, hovering over the area of 1.0220/25 after the events from Cyprus boosted the demand for the greenback.

In the opinion of the research team at TD Securities, the recent weakness in the cross alleviated the overbought condition in the short term studies. “The daily chart also suggests good support just below 1.02, which was tested Friday. Daily trend momentum had the chance to flip to bearish last week but the rebound from the upper 1.01 area is keeping the broader tone constructive. Look to buy dips”, TD Securities recommended.

At the moment, the cross is up 0.30% at 1.0224 with the next resistance at 1.0263 (MA10d) ahead of 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the downside, a breach of 1.0181 (low Mar.15) would aim for 1.0160 (low Feb.22) and then 1.0128 (Lower Bollinger).

Forex: GBP/USD retreats back to 1.5100 support

The GBP/USD has retraced its gains Monday (1.5146 intraday maximum), having fallen back to the 1.5100/handle and first support during American trading. In these moments the cross is negotiating a loss of -0.17% on the day, having re-entrenched itself into negative territory.
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According to the UBS Research Team, “This year we expect the euro to trade back to 1.2000 against the dollar by year end as America's economy outperforms, the Federal Reserve starts scaling back its asset purchases in the second half of the year, foreign central bank and sovereign wealth fund managers desist from dollar diversification and America's shale energy boom cuts the US current account deficit.”
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