USD/CAD Forecast May 13, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Friday, 13 May 2016 06:05 UTC
The USD/CAD pair fell during the day on Thursday, as we continue to see weakness in this market. This of course is exacerbated by the oil markets rising, and the fact that the 1.30 psychologically significant level has held as resistance. With that being the case, we believe that this market continues to go lower, grinding down to the 1.25 level over the next several sessions. We have no interest in buying until we form either a long-term buying signal, or a break above the 1.30 level happens. At this point in time, neither look very likely so we are fairly confident of the downward momentum.

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.


Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.