USD/CAD Forecast July 29, 2013, Technical Analysis

The USD/CAD pair had a negative session on Friday, but as you can see it just barely fell. That being the case, it looks like the market is trying to grind itself lower, and at this point time we aren’t willing to argue with it. That being the case, we think that selling is the only position that you can have, as we should eventually head towards the 1.01 handle. If that level gets broken, expect parity be tested but we do not expect any type of major meltdown from here, the US dollar isn’t in that much trouble.



Written by FX Empire