USD/CAD Forecast July 8, 2013, Technical Analysis

The USD/CAD pair rallied during the session on Friday, as the nonfarm payroll numbers in the United States came out much stronger than anticipated. That being the case, the US dollar gained against almost everything out there, even though the oil markets did in fact shoot straight up, and the Canadian dollar still lost ground to the US dollar. It is because of that that we believe this market is going to continue to go higher, simply because the main catalyst of the Canadian dollar simply cannot move it higher. That being said, we are buying a break of the scandal as it would also be a break of the 1.06 handle.



Written by FX Empire