USD/CAD Forecast August 3, 2012, Technical Analysis

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The USD/CAD pair gained for the session on Thursday as the “risk off trade came back into play. However, we see the 1.0150 level as resistive, and also recognize the fact that we are in a down trending channel. Because of this, we think that the combination of both the downtrend line, and the 1.0150-1.02 resistance level should keep the on any moves in this pair.

However, it has to be said that we have formed to hammers in a row. A short-term buying opportunity may be presenting itself, and a break of the highs from the Thursday session would be that trigger price. The nonfarm payroll numbers will of course have a great influence on with this market does, and as such we could have a choppy session.

 

USD/CAD Forecast August 3, 2012, Technical Analysis

USD/CAD Forecast August 3, 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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