USD/CAD Forecast August 7, 2013, Technical Analysis

USD/CAD pair rose during the session on Tuesday, but as you can see could not break above the 1.04 handle, which of course means that it will struggle to go higher. In fact, we still want to see this pair go above the 1.0450 handle in order to start going long, and until then simply cannot do so. On the other hand, a break down below the lows of the session on Tuesday could have is falling down towards the 1.0250 handle, and perhaps even lower. Watch the oil markets, they always have a drastic effect on this pair.



Written by FX Empire