USD/CAD Forecast September 26, 2013, Technical Analysis

The USD/CAD pair rose slightly during the session after initially falling on Wednesday, forming a relatively decent looking hammer. We believe that the market is trying to grind higher, but that’s the key phrase “grind.” We do not think that this market is going to take off to the upside, and we feel that if you are shorter-term trader you could possibly aim for the 1.04 level, but you have to be aware the fact that it’s not going to be easy-going. That being the case, we are more or less on the sidelines in this market but do have a bit of an upward bias at this point.



Written by FX Empire