USD/CAD Forecast June 11, 2013, Technical Analysis

The USD/CAD pair fell during the session on Monday, but you can see that the 1.02 handle still offers enough support. Obviously, this is more of a zone than a line, but you can see that the daily candle is a hammer, which of course suggests that we are going to go higher. On a break of the highs from the Monday session, we think that the market makes a move towards the 1.03 handle, and more than likely will find that area rather resistive. However, a break of the lows from the session on Monday would indeed be very negative as it would be breaking the bottom of two different candles.



Written by FX Empire