Dollar Versus Loonie and Yen November 10th

FX Strategy Video > Currency Pairs Analysis

The USD/CAD pair rose during the Wednesday session as traders sold off risk assets around the globe. The pair is highly sensitive to oil, and as the oil markets wilted a bit during the session, the value of the CAD fell. The risk ability of traders will continue to push this pair around. We see the 1.02 - 1.03 area as resistance, so we need to see a close above that area to get long. Parity still looks firm and supportive.

The USD/JPY pair rose during the session, even though the "risk off" trade was in vogue. Quite frankly, the Dollar was bought against almost everything. The pair still has a massive ceiling in the form of 80, se we expect this bounce to be short-lived.

Published on 9th of November 2011
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time