USD/CAD Forecast April 23, 2013, Technical Analysis

The USD/CAD pair ended up closing the day fairly flat, although it did tried to rally during much of the session on Monday. However, the pullback formed a shooting star, which of course was preceded by two hammers. This screams that the market is simply going to grind sideways for the short term. If we can finally get above the 1.03 level on a daily close, we will more than likely attack the 1.04 handle as well. Once that one gives way, this would be a very bullish sign indeed. However, right now it appears that we are going to find quite a bit of support 1.02, which means this market more than likely is one that’s best avoided in the near-term.



Written by FX Empire