Forex trends recap, March 8th, 2010

Currency Forex technical analysis
 
EUR/USD Euro’s short-term rebound may prove short-lived, sine the Central bank kept interest rates unchanged. Traders are still cautious about the ecomomin situation in Greece, which weakens Euro positions. However, with the U.S. non-farm payrolls coming better than expected, the upside of the greenback was not shaken, which adds to the cautious picture of the Euro in the short term
 
USD/CAD USD/CAD remains in the consolidation. As the volatility of Canadian dollar is relatively lower than for other major currencies, USD/CAD defensiveness could prove higher during volatile periods. This supports Canadian dollar along with its successive economic improvement over the past year.
 

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