Dollar Versus Loonie and Aussie November 2nd

FX Strategy Video > Currency Pairs Analysis

USD/CAD rose quickly on Tuesday as traders continue to sell risk assets in a jittery marketplace. The parity level has been a kind of "fulcrum" in this pair, and we think that it should remain so. Because of this, and the supportive looking candles in the oil markets, that we may fall back towards the parity level again. If we see the area act as support in the form of a hammer or another kind of supportive candle, we could see another move up to 1.03 and beyond. If we close under the parity level on a daily close - we could see another move down, albeit more of a grind.

AUD/USD fell apart on Tuesday as commodities fell hard in various markets. The pair has fallen below the 1.05 level  again, and looks as if it will fall every time there is bad news, this pair falls. The pair looks like it could find a bit of a bounce here, but should continue to be a sell until we see a break above the 1.0750 level - which is a bit of a double top.

Published on 1st of November 2011
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