USD/CAD Forecast September 20, 2013, Technical Analysis

The USD/CAD pair fell during the session on Thursday, but found enough support near the 1.0 180 level in order to form a nice looking hammer. This hammer of course Sims the market back higher on a break of the top of it, probably looking for 1.04 in the short term. However, we are little bit hesitant to go long of this market as the US dollar will be on the back foot for some time. That being the case, we are simply on the sidelines as this is essentially a “double negative” type of signal.



Written by FX Empire