US Dollar Recede To 1.0320 Against Canadian Dollar

The Canadian Dollar could rise for a fifth straight day, as copper and gold rose.

Crude Oil, the nation’s biggest export, reached its highest level in almost 15 months. Furthermore Canadian reports this week forecast that the nation’s employers added 20,000 jobs in December 2009.

In contrast to the U.S. companies which cut 84,000 jobs last month, more than expected.

US Dollar Recede To 1.0320 Against Canadian Dollar.

Also the EUR traded near a three week high against the USD as signs that the global economic recovery is gathering momentum. This increases the demand for higher yielding assets.

The USD traded at 1.4405 per EUR. The JPY was at 132.87 versus the EUR after weakening to 133.38.

The AUD could continue its bullish trend against 15 of its 16 major counterparts after retail sales climbed by the most in eight months in November 2009.

The USD dropped to 0.9227 against the AUD.

Crude Oil Price Rise To As High As 83.52

Crude oil Price Rise to as high as 83.52 and the firm break of 82.0 resistance confirms that whole medium term rise from 33.2 has resumed.

Intraday bias will now remain on the upside as long as 80.79 minor support holds.

Current rise should now be upper trend line resistance at 87/88 level.

On the downside, below 80.79 will indicate that an intraday top is formed and bring retreat, probably to 4 hours 55 EMA (now at 79.72, before rally resumption.

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Euro/US Dollar Technical Analysis

EURUSD bulls strength is not strong enough in order to break resistance level, at the moment low trading range is formed between support and resistance levels.

Further bouncing is expected.

Waiting action is better option with selling possibilities.

EURUSD Trend Support Resistance

Long Term Negative 1.4246 1.4396