USD/CAD Forecast January 16, 2012, Technical Analysis
Technical Reports
USD/CAD rose during the session on Friday as the triangle that contains this market continues to work. The candle for the day looks reasonably strong, but until we get a breakout to the upside of the triangle, buying isn’t recommended. The breakdown below the bottom line of the triangle would suggest a serious move as well, but in the meantime, this is a difficult and choppy pair to trade. The 1.02 area seems to be a bit of a “fulcrum” in the pair recently, but in general, we think there are many other pairs out there that are easier to trade – so we are avoiding this pair until we get out of the triangle.
USD/CAD Forecast January 16, 2012, Technical Analysis
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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