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USD/CAD Forecast May 15, 2012, Technical Analysis

Daily Forex Reports | by FX Empire | Tuesday, 15 May 2012 07:52 UTC

The USD/CAD pair rose on Monday as the Dollar continues to strengthen everywhere at once. The risk off attitude continues to haunt this pair, and the fact that the oil markets have broken down a bit; we could see a pop in this market. The parity level has been strong in its resistance, and although we are through it, we still feel as the resistance runs all the way up to the 1.01 handle. The 200 day exponential moving average is just below as well, and as such we think that the market is likely to attempt to break out to the upside. However, we think that the 1.01 level must give way on a daily close to consider the pair broken out. As such, we are waiting until we go long. As for shorting, we would need to see a daily close sub-parity, and a calming of the markets.

USD/CAD Forecast May 15, 2012, Technical Analysis

Written by FX Empire

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