USD/CAD Forecast August 27, 2012, Technical Analysis
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The USD/CAD pair fell during the session on Friday, but the overall action looks supportive all of the sudden. The 0.99 level looks very supportive at this point, and the weekly chart looks as if it is going to bounce from this level. The pair is massively oversold at this point, and we think that the shooting star on the oil weekly chart (Light Sweet Crude) suggests that the Canadian dollar is about to weaken. With this in mind, we are willing to buy this pair on a break above the Friday highs for a shorter-term trade.
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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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