USD/CAD Forecast February 27, 2013, Technical Analysis

The USD/CAD currency pair rose above the 1.03 level during the session on Tuesday, but was beaten back by the sellers in order to form a perfectly shaped shooting star. With that being the case, it appears that a pullback is imminent. We are not willing to sell this pullback though, as we see such a significant amount of bullishness in this market presently. The breakout above the 1.01 level was important, and as a result we think support will come back into the marketplace at lower levels. We will be looking for a retest 1.01 in order to tell us when it’s time to buy.



Written by FX Empire