USD/CAD Forecast Nov. 22nd, 2011, Technical Analysis

USD/CAD finally smashed through the 1.03 barrier as the risk trade got hammered on Monday. The barrier should turn into support at this point, and the pair should press ahead to retest the recent highs in the 1.07 area. Because of this, we like buying pullbacks going forward. A break down and close below the 1.03 on the daily chart would have us abandoning long positions.

 

USD/CAD Forecast Nov. 22nd, 2011, Technical Analysis

Written by FX Empire