USD/CAD Forecast March 19, 2013, Technical Analysis

The USD/CAD pair fell during the session after initially gapping higher on Monday, in reaction to the banking situation in Cyprus. However, we still maintain the thesis that this market needs to pull back to the 1.01 handle in order to be a clean long position. Alternately, if we can get above the 1.04 level, we would consider that to be a big in a breakout in order to start buying as well. The oil markets staged a fairly strong recovery during the session on Monday, and this of course benefits the Canadian dollar, making sense of the move we saw in this pair. With that being said, we are simply waiting for the market to come back to our level in order to start buying again.



Written by FX Empire