USD-CAD trading outlook today april 17 2012

forex trading outlook today - USD-CAD trading outlook today april 17 2012 : USD/CAD is currently at 1.0003, marginally higher from yesterday's weekly open in Asia-Pacific, climbing from Friday's lows 0.9926, and retracing from yesterday's highs 1.0030. The pair is trading at the upper bound of a price range has been into since late January this year, reaching as low as 0.9842 by March 01 since then.

According to latest COT commercial's positions, they have been accumulating net short Loonie positions, while speculators are holding the other long side of the trade, in net terms. Later in the day at 13:00 GMT the BoC will announce its interest rate statement, which most expect will remain on hold at 1%, though with a stronger hawkish tone in the language.
For the immediate term, key resistances lie at recent yesterday's highs and March 07/24 highs 1.0030, followed by April 11/February 16-27 highs at 1.0050 and December 08/January 24 lows, and January 03/19 lows 1.0067. For the downside, closest support show at session lows 0.9990, followed by weekly lows 0.9970, and Friday's lows 0.9926.

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