USD/CAD Forecast November 6, 2012, Technical Analysis

The USD/CAD pair rose during the session after going back and forth overall on Monday. We still sit just under the 200 day exponential moving average, and above the 0.99 support level. We think this pair is simply waiting for the presidential election results in the United States today. With that being said, if Obama wins, this pair should continue much lower as it breaks below 0.99 or so. On the other hand, if Romney wins we should see a significant move higher as the US dollar is poised to gain from a perceived stronger dollar policy that the governor has.


Written by FX Empire