USD/CAD Technical Analysis September 29, 2011

USD/CAD rose drastically on Wednesday as traders sold off the oil markets. The 1.03 area was the most recent high in this pair, and proved to be resistive. Because of this, we want to buy – but must see a new high at this point. The pair seems intent on running higher, and looks very healthy at this point. However, there is no point in going long until we get confirmation as the totality of the move could see 1.10 before it is all said and done. We don’t sell this pair unless the oil markets break above the $90 mark in the Light Sweet Crude markets.

Written by FX Empire