USD/CAD Forecast February 1, 2013, Technical Analysis

The USD/CAD currency pair fell rather strongly during the Thursday session as we broke the bottom of the shooting star from Wednesday. If you watched yesterday’s video, you know that we had suggested that a break down below parity, which was extensively the bottom of that shooting star, would signal fresh weakness in this market. This is a happened, and now we believe this market goes further to the downside. However, we do see a bit of support at the 0.9950 level, so a slight bounce could come. We believe though that the downtrend as well intact, and selling a rally should be the way to go.


Written by FX Empire