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

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By FX Empire Analyst - Christopher Lewis
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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.

 

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