USD/CAD Technical Analysis October 3, 2011

The USD/CAD pair rose drastically on Friday as the oil markets sold off. The trend most certainly looks like it has changed in this pair, and with the Light Sweet Crude oil markets falling through the $80 mark – the CAD is being “offered” at this point. Oil will continue to dictate the direction for this pair, but that break down below $80 is significant, and this should continue to put upward pressure on this pair. At this point we are buying dips, and not selling at all.

Written by FX Empire