USD/CAD Forecast November 23, 2012, Technical Analysis

The USD/CAD pair rose slightly during the Thursday session as Americans took the day off for Thanksgiving. Typically this market will move most in the North American session, and as such we ended up having a very tight range with low liquidity.

The 0.99 to parity levels signify a massive support level that the market is currently grinding through. As long as we are above 0.99, we are hesitant to sell this market as we think there could be a bit of a breakout burrowing. However, until we make a move above the 1.0050 level, and buying is going to be very difficult as well. Going forward, we need to see a breakout in one direction or the other in order to get involved.


Written by FX Empire