USD/CAD Forecast June 3, 2013, Technical Analysis

The USD/CAD pair rose during the session on Friday, finding the 1.03 level supportive. Looking at this candle, you can see that there was plenty of support for the move during the day, but the 1.04 level earlier this week showed enough resistance to keep the market down. If we can manage to get above the 1.04 level, we feel that this market could go much higher. In fact, a move above that level has is aiming for the 1.10 level before it’s all said and done. As far as selling is concerned, we would have to see a break down below the 1.02 handle. We suspect that a pullback would be a buying opportunity at this point.



Written by FX Empire