USD/CAD Forecast April 2, 2012, Technical Analysis

The USD/CAD pair still struggled at the parity level on Friday, in a pattern that has become quite familiar. The market looks like it wants to consolidate, and as such we can only play this as a range bound trade, and sell it down to the 0.9850 or so. The 1.01 level above has to give way in order for us to get long for any length of time, and the market would have to break below the 0.98 level in order to hold onto short positions. In the meantime, we like selling for 50 to 100 pips at a time whenever we get to parity.

Written by FX Empire