USD/CAD Forecast July 31, 2012, Technical Analysis

The USD/CAD pair fell during the session on Monday as the fall in this pair continued. However, the parity level is just below and we feel that it will more than likely offer some kind of support. We also are leery of buying the Canadian dollar when we know that the oil markets look relatively weak at this point in time. Because of this, we feel this market is and tradable at the moment, but we could perhaps buy closer to the parity level on a supportive candle if it appears. For the time being, we are on the sidelines.

Written by FX Empire