USD/CAD Forecast May 20, 2013, Technical Analysis

The USD/CAD pair had a smashing day on Friday as it took off to the upside gaining almost 130 pips. Looking at this candle, it’s obvious that the market is bullish, but the 1.03 level did of course offer significant resistance. This resistance area must be overcome in order for the bullishness to continue, and we believe that a move above the 1.0350 level offers a longer-term buying opportunity. Any pullback in this pair should be treated as a buying opportunity as well, as soon as we see supportive candles. We believe that this market will continue to be bullish based upon the overall attitude towards the US dollar at the moment.

 

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Written by FX Empire