USD/CAD Forecast June 14, 2013, Technical Analysis

The USD/CAD pair fell during the session on Thursday, breaking below the 1.0150 handle at one point. That being said, it appears that the market is trying to weaken a bit, and if we can manage to break below the lows from the Thursday session, we would become sellers of that point and aim for the parity level. A lot of this will come down to what happens in the oil markets, as they are approaching pretty significant resistance at this moment. If the oil markets breakout, this pair will break down. On the other hand, if oil fails to breakout, this market will more than likely bounce. Because of that, we are waiting to break down to fresh lows in order to sell.



Written by FX Empire