USD/CAD Technical Analysis for August 5, 2011

The USD/CAD skyrocketed during Thursday trading as oil markets sold off. The CAD is highly sensitive to oil pricing, and as such we think that the pair could rise even more as we try to reach parity. The 0.98 – 0.99 areas should be some resistance, but will more than likely give way as the economies around the world will certainly need less and less oil to function. We like buying on dips, but much lower.

Written by FX Empire