USD/CAD Technical Analysis September 9, 2011

The USD/CAD pair rose on Thursday again, but still remains in the consolidation area that we have been stuck in for a few weeks now. The pair is held hostage by the oil markets, which naturally pullback in this “risk off” session we had on Thursday. The pair is still in a downtrend, and we feel selling is the only choice we have, but only on signs of weakness. If we get weak-behaving candles near the 0.99 level – we are more than willing to sell this pair. We won’t buy until we close above the parity level.

Written by FX Empire