USD/CAD Forecast July 4, 2013, Technical Analysis

The USD/CAD pair fell during the session on Wednesday, but as you can see we remain above the 1.05 handle, and as a result we think this market is winding its way up higher, and will eventually breakout to the upside. One of the main catalyst of this move could be the fact that the Friday session is the nonfarm payroll announcement out of the United States, and that of course will have a great effect on this pair as the two economies are so intertwined. The 1.04 level should offer quite a bit of support, and as a result we think that any pullback that shows signs of support is a buying opportunity.



Written by FX Empire