USD/CAD Forecast June 12, 2013, Technical Analysis

The USD/CAD pair tried to rally during the session on Tuesday, but you can see that the 1.0250 level offered enough resistance to push the market back down. The US dollar struggle in general, and as a result the market closed below the 1.02 handle. The shape of the candle is a shooting star, and it sits just on top of the previous day’s candle which of course was a hammer. In other words, there is a lot of confusion at the moment. However, if we break the lows from the Monday and Friday candles, we are prepared to start shorting this market aggressively.



Written by FX Empire