USD/CAD Technical Analysis August 10, 2011

The USD/CAD pair slammed into the parity level on Tuesday as traders sold off everything risk related. However, as the Asian markets stabilized we saw the risk trade put back on and as such, the Loonie was bought back up. Oil rose, and this always puts pressure on the Loonie – which is exactly what happened on Tuesday. We the trend is down and we suspect that although the 0.98 level might serve as some kind of support – this pair ultimately goes down again.

Written by FX Empire