USD/ CAD Forecast April 26, 2013, Technical Analysis

The USD/CAD pair fell off a Cliff during the Thursday session, slamming into the 1.02 handle. This market has a long history of doing almost nothing for several sessions in a row, and then suddenly moving like this. However, we see the 1.02 level as a potentially significant support level going forward, so we are not ready to search selling this market quite yet. We still see all the way down to the 1.01 level as potential support, and as a result are simply sitting on the sidelines at this point in time.



Written by FX Empire