USD/CAD Forecast March 12, 2013, Technical Analysis

The USD/CAD pair fell during the session on Monday, but only slightly. We are still above the 1.0250 level, and as a result we haven’t even broken the bottom of the hammer from Friday. This hammer should continue to offer support, and we believe that eventually this pair does breakout to the upside. Nonetheless, any break down from here would be a welcome sight as we believe the 1.01 level should offer significant support as it is retested from previous resistance turning into present support. As long as we are above that 1.01 level, we are perfectly comfortable being long of this pair.



Written by FX Empire