USD/CAD Forecast July 2, 2013, Technical Analysis

The USD/CAD pair fell during the session on Monday, as the 1.05 level continues to be rather resistive. We don’t look at this is a selling opportunity, rather we believe that this market is simply consolidating for the next move higher. The 1.04 level looks to continue its support, and we are not sellers until we clear the 1.03 handle, which would show a significant breakdown in support. That being said, on pullbacks we like supportive candles to start buying, and we of course would buy a break to fresh new highs.



Written by FX Empire