USD/CAD Forecast October 23, 2012, Technical Analysis

The USD/CAD pair had a slightly negative session on Monday, as it looks ready to pullback and retest the 0.99 level as possible support. However, we see a lot of resistance all the way to parity, and until we break above that level we aren’t willing to buying this market although it certainly looks like it’s trying to break out.

The oil markets fell sharply during the session again and as such this of course weekend of the Canadian dollar. If we can get a weaker oil market overall, then we will most certainly get we’re Canadian dollar and push this pair higher. In the long run, we will have to wait and see, but anything above parity gets is very interested in becoming very long of this market until we hit 1.04 or so. As for selling, we need to see some type of resistant candle in this general vicinity such as the shooting star to start doing that.

 

USD/CAD Forecast October 23, 2012, Technical Analysis

Written by FX Empire