USD/CAD forecast for the week of October 22, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The USD/CAD pair had an extraordinarily strong week as we pushed through the 0.99 handle. However, there is still significant resistance all the way up to the parity level, and as such we need to at least see the 0.9950 level get worked through. This could be the start of something significant though, as the US Dollar Index is showing serious signs of support as well.

The oil markets will have a massive effect on this currency pair, so beware of any types of sudden spikes or meltdowns in that particular market. Because of this, traders will have to keep their eyes on both of these charts simultaneously. We are not sellers at the moment, although the most recent trend is down – suddenly we find strength in this pair.

 

USD/CAD forecast for the week of October 22, 2012, Technical Analysis

USD/CAD forecast for the week of October 22, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.