USD/CAD Technical Analysis September 15, 2011

USD/CAD rose during the Wednesday session, but the latter hours saw the pair falling. Because of this, it looks like the parity level is going to be very difficult to break above for any length of time. The pair looks like it is going to consolidate even longer in this current area. (0.98 to 1.00) Until we break out of that range, we feel this market will be better suited for scalping at the extremes of the range. A break above parity has us massively bullish, and break below the 0.97 level has us massively short.

Written by FX Empire