USD/CAD Forecast July 16, 2012, Technical Analysis
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The USD/CAD pair fell hard on the Friday session, as the risk appetite improved around the world. However, we are sitting just at the support level, and as such we think that a move further might be complicated by this. If we manage to break below the hammer from last week, we would consider selling at this point, but understanding that the parity level more than likely would be supportive. This of course is a short-term trade, but in the current market environment – this might be all you get.
As for buying this pair, we would consider going into the parity level, only if we get supportive candles. On a break above the Thursday shooting star, we would become bullish again and be willing to hold on until we saw the 1.04 level.
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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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