USD/CAD Technical Analysis September 5, 2011

USD/CAD rose on Friday as the Non-Farm Payroll report disappointed. The Canadian economy depends on exports to the US, so a weak US means a weak Canada. However, we are below some very serious resistance areas in this pair, and cannot go long until we close above the parity level on the daily chart. In the mean time, we can only sell rallies as they come.

Written by FX Empire