USD/CAD Forecast August 5, 2013, Technical Analysis

The USD/CAD pair rose during the session on Friday, slamming into the 1.04 handle as resistance overcame it. That being the case, we feel that this market is trying to breakout, but we need to see a daily move above the 1.0450 level in order to be bullish again. If we get that move, we are more than willing to start buying again, but at this point time we are an area with that could cause significant resistance problems. That being the case, we are going to be patient and are on the sidelines at the moment.



Written by FX Empire