Dollar Versus Loonie and Aussie August 7th

FX Strategy Video > Currency Pairs Analysis

USD/CAD had a very quiet day, but this in and of itself told us something - the parity level is looking supportive. The bottom of the descending channel is there as well. This looks good for the USD in the short-term. Can it last? That depends on oil, naturally.

The AUD/USD pair is struggling to gain at the same and is at the top of an ascending channel. The pair has been impressive lately, but a pullback is desperately needed. The 1.03 level is just below the uptrend line of the channel as well. Could offer serious support on that pullback and we see it as potential value waiting to happen.

Published on 6th of August 2012
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