USD/CAD Forecast August 16, 2013, Technical Analysis

The USD/CAD pair tried to rally during the session on Thursday, but failed to hang onto gains as the markets pummeled the Dollar. The worse than expected US economic numbers shocked the markets, and as a result the pair fell a bit. However, the oil markets are going to influence the way this pair moves, and as a result there could be a bit of noise going forward in this pair. The 1.0250 level appears to be the support we are working with at the moment, and the 1.0450 level looks to be the resistance. Until we break out of this box, we are on the sidelines.



Written by FX Empire