USD/CAD Forecast June 28, 2013, Technical Analysis

The USD/CAD pair had a relatively back and forth session during the Thursday trading hours, but as you can see pick up enough support just above the 1.04 level in order to form a candle the looks somewhat like a hammer. Because of this, we think that the consolidation between 1.04 and 1.0550 continues, and that eventually we will see a continuation of the upside move. Because of this, above the 1.0550 level, we are buying this pair. As far as selling is concerned, we would have to break down below the 1.03 handle in order to feel comfortable doing so.



Written by FX Empire