USD/CAD forecast July 23, 2012, Technical Analysis

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The USD/ CAD pair rose during the session on Friday, to retest the previous support area for resistance. So far, it has held. This is certainly a reaction to the “risk off” attitude of the markets, and as a result we saw the Dollar strengthen. However, there is substantial amounts of headline risk out there for the oil markets, so this is a pair that you may choose to avoid in the meantime. The problems in the Middle East will continue to push around the price of oil, and as a result we think this pair should be just as erratic.

USD/CAD forecast July 23, 2012, Technical Analysis

USD/CAD forecast July 23, 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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