USD/CAD Forecast June 7, 2013, Technical Analysis

The USD/CAD pair plunged during the session on Thursday as the bottom of the shooting star from Wednesday was cracked. We smash through the 1.03 handle like it wasn’t even there, and then gone as low as 1.02, an area that I have suggested would be vital for the buyers. That area ended up holding as support, and as a result we didn’t quite form a hammer, but we did form something that looks somewhat supportive. But nonfarm payroll coming out later today, this pair will be extraordinarily volatile, and as a result I would not be taking a position in this pair until after that announcement, and more importantly the daily close shows us which direction we’re going.



Written by FX Empire