USD/CAD to 2 March 2011

USD/CAD to 2 March 2011

USD/CAD to trade sideways. BOC left rates unchanged yesterday, with a cautious outlook on the economy. Some economists see rates on hold through 1H11. USD/CAD daily chart negative-biased as MACD & stochastics bearish, although latter at oversold, suggesting sideways or lower USD/CAD trading near-term. Dow Jones technical analysis shows immediate support at 0.9681 (yesterday''''s low), below at 0.9600 (psychological support). Initial resistance is at 0.9789 (Monday''''s high), above at 0.9832 (Friday''''s peak).