USD/CAD Forecast July 30, 2012, Technical Analysis

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The USD/CAD pair fell during the Friday session as speculation that central banks will be flooding the markets with liquidity drove up demand for commodities on the whole. This of course favors oil, which of course favors the Canadian dollar. We do however, see the immediate area as support and suspect that going down to the parity level we will find it difficult to fall much further. If we do however, manage break below the parity level we think that the market could very well find itself at the 0.97 level before it’s all said and done. As for buying this market, this will be very difficult to do until after the central banks do their work.

USD/CAD Forecast July 30, 2012, Technical Analysis

USD/CAD Forecast July 30, 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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