USD/CAD Forecast August 21, 2013, Technical Analysis

The USD/CAD pair rose during the session on Tuesday, slamming into the 1.04 handle. While this is a significant resistance area, we do not feel that this market has completely broken out until we get above the 1.0450 level. On top of that, we need to see that happen on a daily close. Obviously, we have not gotten that yet but it does look like the market is going to try to get up there. With that being the case, we are observing this market as we recognize the fact there might be a significant trade coming up. In the meantime, we are simply sitting here and waiting.



Written by FX Empire