USD/CAD Forecast March 14, 2013, Technical Analysis

The USD/CAD pair had a positive showing during the Wednesday hours, bouncing off of the 1.0250 level yet again. This market has yet to pullback after the recent breakout from the 1.01 level, however we have seen quite a bit of sideways action since then. If we can continue to go sideways, this could get enough fires to reenter this market and breakout above the 1.04 level. It is above that level that we would consider this market completely broken out, and would start to see massive appreciation of the Dollar. However, we also would like to see a pullback to the 1.01 level, as we think that area should offer tremendous support as well. At this point, we have no plans on selling this pair.



Written by FX Empire