USD/CAD Forecast February 11, 2013, Technical Analysis

The USD/CAD currency pair rose during the session on Friday, and managed to close above the parity level. However, we still see resistance all the way up to the 1.01 level, and will wait until that area gets cleared by a daily close. If that happens, we think this would be a very bullish sign and we could see a continuation of this pair to roughly the 1.04 level. On the downside, we would need to close below the 0.99 handle in order to start selling. However, it should be stated that this pair is very tight, and choppy to say the least. With this in mind, we are going to be very choosy on the candles we choose to trade.



Written by FX Empire