USD/CAD Forecast October 11, 2012, Technical Analysis
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The USD/CAD pair shot straight up after initially dipping during the trading day on Wednesday. We paused just above the 0.98 handle, but still see quite a bit of resistance all the way to the 0.9950 level. Because of this, although this market looks like it is trying to find some type of base, we are not willing to go long quite yet.
We still see the 0.97 level as an area that needs to be broken down through in order to start selling, so we think this is essentially going to be a market that you can use options to straddle in the meantime. Otherwise, this will be very volatile, choppy, and quite dangerous to anyone who wants to play a highly leveraged position.
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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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