The USD/CAD pair initially tried to break out during the course the week but fell rather significantly. However, the 1.40 level below should offer plenty
The USD/CAD pair initially tried to break out during the course the week but fell rather significantly. However, the 1.40 level below should offer plenty of support, and as a result we are not willing to short this market. On top of that, the oil markets have bounced rather significantly over Thursday and Friday, so having said that we could see continued bearish pressure. At the end of the day though, we think that this is a longer-term uptrend that we are simply waiting to see whether or not we get a supportive candle in order to start going long yet again.
USD/CAD forecast for the week of January 25, 2016, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
