USD/CAD Technical Analysis September 8, 2011

The USD/CAD pair fell on Wednesday, after failing to close above the 0.99 level the day before. The oil markets are starting to come back into play as the storms in the Atlantic could have an adverse effect on oil production out of the Gulf of Mexico. The gap from the weekend has been filled, and now we are simply waiting to see if we can go lower. If we do, this pair becomes a screaming sell. If the CL (Light Sweet Crude) contract gets above $90, this pair is a screaming sell. We don’t buy until this pair gets above the parity level.

Written by FX Empire