USD/CAD Technical Analysis August 29, 2011

The USD/CAD pair fell on Friday as traders reacted to the news that the Fed wasn’t necessarily going forward with anymore easing as the economy in the US didn’t need it. It also stated that the tools are still there, and they would use them if needed. This essentially backstops risk, and as such – the CAD got a bid. However, we are still caught between the 0.98 and 1.000 levels, and we feel that these are two levels that have to give way before we can place any significant trade on. In the mean time, we wait.

Written by FX Empire