USD/CAD Forecast December 28, 2012, Technical Analysis

The USD/CAD currency pair fell during the trading session on Thursday, and even managed to bounce off of the 0.99 handle for support. The resulting candle ended up being a hammer, and we are just below the 0.9950 level that we have been talking about as a launching point for long positions.

It is because of this that we feel this market is more than likely going to go higher, and will most certainly attack the parity level first. This of course is predicated upon the idea breaking the highs from the Thursday session, and if we do not then of course that would negate all of this thought process. Alternately, if we managed to break down below the 0.99 handle on a daily close, we feel that this market would fall much further.


Written by FX Empire