USD/CAD Forecast August 13, 2012, Technical Analysis

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USD/CAD and try to rally during the Friday session, but was slapped back down to form a massive shooting star to sit just above the 0.99 level. This shows extreme bearishness, and just how negative the view on this market has become. However, we see the 0.98 level as the beginning of serious support, and also the bottom of a massive consolidation zone that runs from that level to the 1.04 or even the 1.05 area. With this being said, we think that although the next move is down, it will be somewhat limited. In other words, if you are just thinking of shorting this market now – you are probably too late.

USD/CAD Forecast August 13, 2012, Technical Analysis

USD/CAD Forecast August 13, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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