Dollar Versus Loonie and Aussie August 1st

FX Strategy Video > Currency Pairs Analysis

The USD/CAD spiked on Friday as the oil markets fell. This certainly will have an effect on the CAD strength, so the sell off wasn't a surprise. Also of note is the fact that the pair struggled to get above the 0.96 area, a place we suggested that resistance could come into play on a move up. We expect there to be another push, but more than likely that will only be a selling opportunity, especially if we can get to 0.97 or so.

The AUD/USD fell on Friday, but ended up finding support at 1.09, and so much so that it formed a hammer. This is a very bullish sign, and we believe that not only will the 1.09 level hold as support, but even if it does give way - the 1.08 is just below to keep things afloat. On a break of Friday's high in this pair - we will buy.

Published on 29th of July 2011
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