USD/CAD Forecast February 20, 2013, Technical Analysis

The USD/CAD pair managed to break above the 1.01 level again for the session on Tuesday, and even managed to break above the highest from the Monday session. However, by the end of the day we sell this market form a shooting star, and although it is sitting directly on support, we are concerned that this market could pullback relatively quickly. After all, this is a very resistive candle, and it is likely that sellers could step in if we managed to break back underneath the 1.01 handle. On the other hand, if we managed to break the top of the candle for the Tuesday session, this would be a very bullish sign and have the market going much higher.



Written by FX Empire