USD/CAD Forecast June 7, 2012, Technical Analysis

The USD/CAD pair fell hard during the session on Wednesday as the market started to speculate that the Fed will be forced to ease again. The oil markets got a nice boost during the session, and as a result the Canadian dollar was bought. The pair stopped at an obvious support level though, in the form of the 1.0250 to 1.03 area. This area could cause a bit of a response, so we certainly wouldn’t sell here. The pair shows support at the 1.01 level as well, and we don’t sell until we are below the parity level. We buy the first supportive daily candle.

USD/CAD Forecast June 7, 2012, Technical Analysis

Written by FX Empire