USD/CAD Forecast August 30, 2013, Technical Analysis

The USD/CAD pair rose during the session on Thursday as the US dollar got a bit of a boost against most currencies. On top of that, oil pulled back finally, as it has been overbought lately.

However, we are not above the 1.06 level that we need to see in order to start going long, so right now we are in a bit of a holding pattern, but certainly recognize that a break above that level is a reason to start going long, and probably aiming for as high as 1.10 before the move is said and done. As far as selling is concerned, we have no interest.




Written by FX Empire