USD/CAD Forecast June 5, 2013, Technical Analysis

The USD/CAD pair rose during the session on Tuesday, showing that the 1.03 level continues offer support in this market. We believe that eventually this market will breakout to the upside, and that the 1.04 level will give way to the buyers. Once we get above that level, we think that this market will settle for a move up to the 1.10 handle over the longer term. Remember, these two economies are heavily intertwined, so the market tends to go sideways for great length of time, to be followed by very explosive move. We feel that we could be winding up for one of those explosive moves now.



Written by FX Empire