USD/CAD Technical Analysis September 2, 2011

The USD/CAD pair fell again on Thursday, although did not manage to break through the bottom of the hammer from Wednesday. This shows that there is still some support in the 0.97 area, and it will have to be overtaken in order to fall more. The trend is down, so we are more comfortable shorting this pair than buying it. The daily close below 0.97 is a great sell signal in our opinion. The pair cannot be bought until we close above parity.

Written by FX Empire