USD/CAD Forecast May 21, 2013, Technical Analysis

The USD/CAD pair fell during the session on Monday, as the 1.03 level offered resistance again. The candle does look rather negative, but it did not wipe out the gains from the Friday session, meaning that we don’t feel that it is negative enough to start selling yet. That being the case, we feel that the market could possibly be pulling back in order to build up enough momentum to breakout. We are watching this market, but presently are not trading and as we need to see the right supportive candle to start buying, or break down below the lows of the Friday session in order to start selling.

 

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Written by FX Empire