Forex Flash: USD/CAD risks losing 0.9842

Forex Flash: USD/CAD risks losing 0.9842

<!--TITOL:

Forex Flash: USD/CAD risks losing 0.9842 - Commerzbank

FITITOL--> FXstreet.com (Barcelona) - Commerzbank analysts point to a ranging pair between 1.0052 (Dec-low) and 0.9842 (Mar-low), with more chances of a drop lower. “In case of such a drop through and daily New York close below 0.9842 being seen, the mid-September low at 0.9786 will be in focus. Below it lies the late August trough at 0.9726”, writes analyst Axel Rudolph.

“Our medium term bullish scenario remains on the back burner for now and only a, at present no longer expected, daily close above 1.0052 would mean that a reversal higher is being made with the 2011-12 resistance line at 1.0144 then being targeted”, Rudolph adds.