USD/CAD Forecast June 17, 2013, Technical Analysis

The USD/CAD pair went back and forth on Friday, essentially closing the day unchanged. The resulting candle was a neutral candle, perhaps leaning a little bit more towards a hammer, but in reality we do not like the look of this market in general. After all, although we are selling signs of support, it is gradually getting lower and lower, meaning that the market has a definite downside bias, but not enough strength to actually break down. Because of this, we are simply going to observe this market for the next couple sessions, and stay out of it.



Written by FX Empire