USD/CAD Forecast June 29, 2012, Technical Analysis

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The USD/CAD currency pair rose dramatically during the Thursday session as the dollar gained in general. The breaking of the 1.03 level was significant, and although we did pare the gains a bit towards the end of the session, a majority of the candle still remained green at closing time. With this being said, obviously the oil markets will have a great influence on this currency pair. Nonetheless, we feel that it did do a little bit of a breakout during the session. With this in mind, we are willing to buy short-term supportive candles as we march towards the 1.0450 level. As for selling, we see far too much noise below in order to get involved.

 

USD/CAD Forecast June 29, 2012, Technical Analysis

USD/CAD Forecast June 29, 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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