USD/CAD Forecast February 25, 2013, Technical Analysis

The USD/CAD pair shot straight up during the Friday session, but found the 1.0260 level far too resistive. This formed the second shooting star in a row in this pair, and as a result we think that a pullback is coming. However, this would typically be just a breakout and then pullback to retest support at former resistance. We believe that the 1.01 handle should offer quite a bit of support going forward, and that this market will eventually find its way up to the 1.04 handle. If we managed to close on the daily chart below the 1.01 handle, we think that’s a bearish enough sign that the market should begin the selloff.



Written by FX Empire