USD/CAD Forecast August 19, 2013, Technical Analysis

The USD/CAD pair rose during the session on Friday, but as you can see essentially went nowhere by the end of the day. Because of this we feel that this market is essentially going into some sort of malaise at the moment, probably predicated upon the fact that the oil markets are doing very little as well. We are not interested in going long of this pair until we get above the 1.0450 level on a daily close, and as far as selling it’s difficult to do so until we close on a daily candle below the 1.0250 handle. In the meantime we are on the sidelines.


Written by FX Empire