USD/CAD Technical Analysis July 13, 2011

The USD/CAD pair spiked during the Asian and European session on Tuesday, but fell just as quickly once the Americans came into the market. The candle at the end of the day is looking like a shooting star, and the fact that the 0.97 held as resistance at the end of the day – would certainly be encouraging to the bears. This pair has been in a downtrend for several years now, and because of that we like selling on rallies, not buying.

Written by

Forex Mansion