USD/CAD Technical Analysis September 21, 2011

The USD/CAD pair fell for a while on Tuesday, but then rose as traders sold off commodities and stocks in the late hours of the session. The Canadian dollar suffered as a result as it is considered a “risky” currency. The pair looks like it is set on trying to break to the parity level, but we are not convinced yet of the bullishness of it. The daily close above the 1.0050 mark is needed to be seen for us to buy, and selling is possible towards parity – but we need to see a weak candle in order to do so. For the time being, we can only assume that the consolidation area will remain intact.

Written by FX Empire