USD/CAD Forecast October 19, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The USD/CAD pair fell most of the session on Thursday, but the 0.98 handle offered enough support in order to push this pair almost to the unchanged level. The resulting candle is a hammer, and it looks rather supportive at this point. In fact, it looks like this pair is starting to try and form an ascending triangle. This is why we are more and more interested in going long at the 0.9950 level, as it would not only trigger this ascending triangle, but also break the last vestiges of resistance in this particular area.

If we managed to break below the 0.97 handle however, we think this would be very bearish and have most traders selling. At that point time, we would not hesitate to start a selloff this pair as it would be with the overall trend.

 

USD/CAD Forecast October 19, 2012, Technical Analysis

USD/CAD Forecast October 19, 2012, Technical Analysis

Find a Broker
Continue to FX Empire Network