USD/CAD Forecast February 22, 2013, Technical Analysis

The USD/CAD pair again during the session on Thursday, but as you can see the 1.02 level was far too resistive for the buyers to overcome. This resulted in a perfect shooting star, and as a result we think that a pullback is coming. On a break of the bottom of the shooting star from Thursday, we would be more than willing to start selling and 84 the 1.01 handle. Whether or not we can get through there is a completely different story, but a pullback to retest that area as support would be classic technical analysis. Because of this, this is how we feel the market will react during the Thursday session, and as a result we are willing to take a short-term sell position on a break of the lows.



Written by FX Empire