USD/CAD Forecast August 17, 2012, Technical Analysis

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The USD/CAD pair fell during the session on Thursday again, to break down well below the 0.99 handle. This market looks extremely bearish, but it should be noted that is moving in relatively slow motion. Because of this, you have to be very patient in order to short this market.

As for buying this market, that is an even a thought at this point in time. It does look in fact that we are heading towards the 0.97 level, and as such we think that’s either you are short already or are late for the party. If that’s the case, we are going to pay attention to 0.97 and see if the supportive action there is enough to compel us to buy this market. If not, we think this opens the door to 0.95 in short order.

 

USD/CAD Forecast August 17, 2012, Technical Analysis

USD/CAD Forecast August 17, 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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