USD/CAD Forecast August 1, 2013, Technical Analysis

The USD/CAD pair went back and forth during the session on Wednesday, essentially forming a relatively benign negative candle. In the end, you can see that we just got thrown around during the day and eventually didn’t settle much. Because of this, we still think that this market has a downward bias, and would be willing to sell a break of the lows from the session. On the upside, we see the 1.04 level as being very resistive, and as a result are willing to buy this market until we clear the 1.0450 level.



Written by FX Empire