USD/CAD Forecast October 19, 2012, Technical Analysis
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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.
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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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