USD/CAD Forecast March 5, 2013, Technical Analysis

The USD/CAD pair attempted to rally during the session on Monday, but as you can see by the chart failed to do so. The resulting candle is a bit of the shooting star, and it is the second in a row. This leads us to believe even more so that the market is due for a pullback, and we are about to see it. We would love to see this market fall back to the 1.01 handle, which we would buy enthusiastically on signs of support. We are not willing to short this market now, as it was a significant breakout to the upside from the aforementioned 1.01 level. We are simply waiting for the pullbacks to come in order for us to get a better price.



Written by FX Empire