Daily Forex Reports | by FX Empire | Thursday, 09 August 2012 07:24 UTC
USD/CAD fell during the session on Wednesday as the parity level has all but given up at this point. The move continues to extend itself, and we’re now well below the bottom of the downtrend channel suggesting that we are going to see a pickup in momentum. Granted, we don’t expect this to be some type of meltdown, but it does in fact look like we are going to see that momentum pick up over the next couple of days.
We see the 0.97 level as crucial for anybody to think that this pair could be remotely bullish. If that level gives way, we expect a significant move lower as it would be major support broken. As for buying this pair, we simply cannot do it at this point in time as it just simply looks to sick.
Written by FX Empire
Forex Market Analysis
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