USD/CAD Forecast July 18, 2012, Technical Analysis

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The USD/CAD pair fell during the session on Tuesday as oil prices rose yet again. The 1.01 level continues offer support, but only just barely. We believe that a break below the hammer lows from the early part of July signals a move down to parity in this market. It is below the parity level, that things get very interesting very quick.

If we can manage to break below the parity level, we think this pair makes another run toward 0.97, and possibly even lower. As for buying this pair, it’s going to be very difficult to do that in till we manage to break above Thursday’s shooting star as it would show a sign of momentum shifting in this pair. If we were to that, we would calculate that the parity level will be seen fairly shortly.

USD/CAD Forecast July 18, 2012, Technical Analysis

USD/CAD Forecast July 18, 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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