USD/CAD Forecast for the week of July 16, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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.

USD/CAD Forecast for the week of July 16, 2012, Technical Analysis

USD/CAD Forecast for the week of July 16, 2012, Technical Analysis

Find a Broker
Continue to FX Empire Network