USD/CAD Technical Analysis for April 28, 2011

The USD/CAD had a tough day today as traders bought in the early hours, only to sell it off again after the Federal Reserve meeting and news conference. The pair is decidedly bearish, and this was demonstrated yet again as the bulls simply couldn’t hold up the market. Selling is the only direction you can seriously consider, and until the oil markets start to fail – it will remain that way.