USD/CAD Forecast April 5, 2013, Technical Analysis

The USD/CAD pair fell during the session after initially trying to rally on Thursday. We managed to find the 1.01 level; an area that we suggested would be supportive previously. That area did in fact act as support, and now we have a somewhat neutral candle. This pair tends to be very sensitive to the Nonfarm Payroll announcement, and as a result we suggest that this pair may be erratic over the next 24 hours. However, if we do finish above the 1.01 handle, we would be willing to take a long position at this point.

Written by FX Empire