USD/CAD Forecast August 8, 2013, Technical Analysis

The USD/CAD pair rose above the 1.04 handle during the session on Wednesday, but as you can see stopped at the 1.0450 level. That being said, the market does look strong, but until we get a daily close above the 1.0450 handle we are not willing to buy. That being the case, we are waiting for that daily close, and until then are simply sitting on the sidelines. As far as selling is concerned, we do not have that signal the moment, so we have to be very careful at this point in time.



Written by FX Empire