USD/CAD Forecast November 12, 2013, Technical Analysis

The USD/CAD pair did almost nothing during the session on Monday, pulling back just slightly but in the end essentially deciding nothing. The 1.05 level just above is resistance, and if we can get above that level, we feel that this market will continue to the 1.06 handle. Above there, things get truly interesting as we could go to the 1.10 level. On the other hand, if we pullback here, we expect the 1.04 handle should offer enough support in order to go higher. Selling really isn’t a thought at this point in time, and as a result we are “long only.”

 

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Written by FX Empire