USD/CAD Forecast for the week of July 16, 2012, Technical Analysis
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The USD/CAD pair managed to not only rise during the previous week, but also fell as well. The market fell to test the 1.0150 level, which we see is serious support. Our sell signal would be a break of last week’s hammer to the downside. This would set up a move to test the parity support level. This would not be a long-term trade per se, but could set up further weakness.
The chart is starting to look more and more like a big consolidated area between the 0.97 and 1.04 levels. If that’s the case, the fall from here wouldn’t be overly surprising in the meantime though; we suggest that this pair is probably far too tight and choppy for the longer-term trader to be bothered with.
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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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