Wednesday, May 9, 2012

Will the greenback is about to lose momentum or…

The answer to that could be in the technical analysis of USD/CAD.

The USD/CAD is reaching a strong resistance around 1.0050 level. The level can be spot on the weekly and daily charts. The technical indicators favor further momentum for the dollar. On the weekly chart there is a possible break of the RSI 50 level with MACD shifting to positive territory and stochastic pointing up. On the daily graph, the indicators are positive too and have a way to go up. On the other hand, upper Bollinger band gives additional resistance around 1.0050 area.

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