USD/CAD rebounded blocked the parity, the trend is biased downward

Greek officials are trying to reach an agreement on austerity measures; international creditors demanded that Greece implement austerity measures in exchange for a second batch of bailout funds, which affected the USD/CAD once to rally below parity. However, despite the difficulties in Greece, Germany said that it would not accept Greece's bankruptcy, and the EU has not gone to hell on Greece, the market sentiment has not been a major pressure, plus the current safe-haven demand for commodity currencies has increased, the US dollar / Canadian dollar Turn down.

During the European morning, USD/CAD eased slightly from 0.9965, hit 0.9990 again and rebounded, hitting an intraday high of 0.9980, as Greece’s debt negotiations were delayed, and reports that Portugal is seeking advice on debt restructuring as an option also weighed on the market. Mood, European stocks opened lower and further extended their losses.

US stocks extended the European stock market decline slightly lower, optimism in the market further weakened, the US dollar/Canadian dollar also extended its rebound and hit an intraday high of 0.9995. The subsequent release of the Canadian Ivy Purchasing Managers' Index for January rose to 64.1 from 53.6 in the previous month, which was better than the expected 57.0. The USD/CAD weakened accordingly. In addition, European Union leaders have been struggling to speak up on Greece’s debt write-down negotiations in an attempt to restore market confidence. French President Nicolas Sarkozy said that the Franco-German alliance has enabled the euro to weather the crisis. He also pointed out that the Greek negotiations are about to reach an agreement.

The German Central Bank member Dombret pointed out that although there may be moral hazard in the long-term rescue of Greece, the short-term relief of Greece against the spread of the crisis is acceptable. EU officials also pointed out that the Greek debt negotiations will end in the next few days. The official said that the Greek economic problem was not caused by the troika or the euro. The EU will continue to work on the Private Sector Participation (PSI) program in the coming days. The above remarks stabilized the market sentiment and also reduced the dollar buying demand.

In addition, during the New York period, the Greek EU Commissioner stated that if the reforms are implemented, Greece will be able to stay in the euro area, while the Associated Press reported that Greece has agreed to cancel or curtail some public sectors by the request of international creditors by the end of 2012. With 15,000 public jobs cut, investors expect that Greece will be close to reaching an agreement and market risk appetite will continue. The USD/CAD will fluctuate.

From a technical point of view, the exchange rate on the daily chart formed a weak reversal pattern on the previous trading day. In the 4 hours chart, the reversal trend of the exchange rate is obvious, and the stochastic indicator has low signs of gold fork. On the whole, USD/CAD remains below 1.0318, the exchange rate has fallen to 0.9926 low and resistance is at 0.9888. If the USD/CAD does not break resistance, it is expected to continue to decline to around 0.9850.

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