{"id":20318,"date":"2011-03-24T07:50:02","date_gmt":"2011-03-24T11:50:02","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20318"},"modified":"2011-03-24T07:50:02","modified_gmt":"2011-03-24T11:50:02","slug":"usdcad-pullback-may-spur-bids-at-moving-average","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/24\/usdcad-pullback-may-spur-bids-at-moving-average\/","title":{"rendered":"USD\/CAD Pullback May Spur Bids at Moving Average"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong><\/p>\n<p>Political strife in Canada may bring weakness in the value of the  Canadian dollar allowing for traders to find entry opportunities near a  key moving average.<\/p>\n<p>The unveiling and subsequent rejection  of the Canadian budget by three opposition parties does not bode well  for continued strength of the Loonie. Despite the currency\u2019s strong  performance, the political gridlock may bring a pullback in the current  downtrend for the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/12\/20\/usdcad-awaits-wholesale-sales-with-bearish-sentiment\/\">USD\/CAD<\/a>.<\/p>\n<p>Moving to the daily chart, the pair has found significant resistance  near the 100-day moving average (red line) which comes in today at  0.9930. This level may offer traders a good entry point into the  downtrend. Also providing resistance has been the 50-day moving average  (green line) at 0.9840. Further resistance may be found at the January  high of 1.0060.<\/p>\n<p>Targets for the pair should be Friday\u2019s low of 0.9750, followed by the <a href=\"http:\/\/www.forexyard.com\/en\/trading\/usd-cad\">all-time low <\/a>for the pair at 0.9666.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/03\/USDCAD.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/03\/USDCAD.JPG\" alt=\"\" width=\"590\" height=\"575\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   may                             not                      be                                                                                         suitable                                     for                                          all                                                                                                                                         investors.                                                                    There                                                      is                  a                                                                                                                                                                                                                             possibility                                                                                 that                                                                                                            you                                                                        could                                                                                                     sustain     a                                         loss                                                                 of                          all                                             of                                                           your                                                                                                                                                                                                           investment                        and                                                                                                                                                                      therefore                          you                                                                                                                                     should                                        not                                                                                                  invest                                                                                                     money                                        that                                                  you                                                                                                                                   cannot                                                                                         afford                to                                                                                                              lose.                                 You                                                                                                                         should                                               be                                                              aware                                            of                                                                                        all                                                    the                                                      risks                                                                                                                                                                         associated                                                                        with                                                                              Foreign                                                                                                                      Exchange                                                                                                                                      trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The unveiling and subsequent rejection of the Canadian budget by three opposition parties does not bode well for continued strength of the Loonie. Despite the currency\u2019s strong performance, the political gridlock may bring a pullback in the current downtrend for the USD\/CAD.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20318","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20318"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20318\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}