USD/CAD Forecast July 11, 2013, Technical Analysis

The USD/CAD pair fell hard during the session on Wednesday, as the Federal Reserve releases its minutes from the last meeting. It shows that someone the members on the committee were concerned about tapering off of quantitative easing before employment numbers picked up, and this of course had a negative reaction in the markets for the US dollar. Nonetheless, there still play support below the current level, and we are looking for supportive candle to start buying again. Until that happens, we are simply out of this market right now. As far as selling is concerned, we need to get below the 1.03 handle.



Written by FX Empire