Canadian Dollar Outperforms, British Pound Falters on BoE Comments.
The Canadian dollar bounced back against the greenback after the pair failed to break above the 50-Day SMA at 1.0980 during the previous day, while the GBP/USD tumbled lower following the weakened outlook held by the Bank of England. The Canadian dollar bounced back against the greenback after the pair failed to break above the 50-Day SMA at 1.0980 during the previous day, and we may see the USD/CAD continue to retrace yesterday's advance throughout the U.S. trade as the outlook for the world's eighth largest economy improves. At the same time, the dollar-loonie failed to cross back above the 20-Day moving average (1.0875) during the overnight session and has moved nearly 60% of its daily ATR despite the spike lower following the slew of economic data at 14:30 GMT, and the pair may continue to trend lower to test for intraday support. However, as the 30-minute RSI approaches oversold territory, we may see the pair bounce back and hold a narrow range throughout the trade but, a break below yesterday's range may lead the pair to test the weekly low at 1.0716.
2009 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 15, 2009|
|Previous Article:||U.S. Retail Sales Rise The Most In Three Years As Car Sales Soar On Stimulus.|
|Next Article:||Dollar Putting Up Fight Ahead of Euro 1.4700.|