USD/CAD Forecast October 16, 2012, Technical Analysis

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The USD/CAD currency pair had a bullish session on Monday as the market continues to hover around the 0.98 handle. This market currently doesn’t really interest us as we see far too many chances at choppiness over the next handle or two. However, if we managed to break down below the 0.97 level, we would be more than willing to start selling this pair as it would be a continuation of the long-standing trend.

On the other hand, if we get above the 0.9950 level, we are more than willing to start buying as it would show a breaking of significant resistance. Oil prices will of course affect this market, and as such they need to be watched as the demand for oil normally ties then and correlates with the demand for the Canadian dollar.

 

USD/CAD Forecast October 16, 2012, Technical Analysis

USD/CAD Forecast October 16, 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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