USD/CAD forecast for the week of October 8, 2012, Technical Analysis
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The USD/CAD pair fell for much of the week only to turn around and bounce, showing that the 0.98 level is a completely broken through yet. The currency pair will naturally be affected by the price of oil especially be light sweet crude markets, and as such we think that anybody trading this market will certainly need to pay attention to crude.
If we can break above the highs from this previous week, and above the 0.9950 level, we believe that we will make a run back to the 1.04 level before it’s all said and done. There are signs that the US dollar is gaining steam towards the end of this week, and as such this is entirely plausible. However, if we break the lows of this previous week, we are willing to start selling again.
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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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