USD/CAD Forecast for the week of September 3, 2012, Technical Analysis

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The USD/CAD pair fell during the week as the support level continues to be tested in this vicinity. We still see the 0.98 level as a significant support line that should offer some bid for the US dollar. If that level gets violated, is very likely that we will extend the losses down to the 0.94 level though. The price of oil will be a great influence in this pair as usual, and as such we need to pay attention to what’s going on in the light sweet crude markets. Currently, it does look like that market will get a bid so we could see a serious attempt at breaking below the support level in this pair. On the other hand, we are at the bottom of a significant consolidation area, and as such would buy this pair on supportive action as the risk to reward ratio is so great in our favor.

USD/CAD Forecast for the week of September 3, 2012, Technical Analysis

USD/CAD Forecast for the week of September 3, 2012, Technical Analysis

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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.

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