USD/CAD Forecast October 22, 2012, Technical Analysis

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The USD/CAD currency pair had a strong showing on Friday as we raced towards the 0.9950 level. We did not managed close above it, but we are certainly knocking on the door. It is at that level that we think buyers will step in and try to push his pair higher, and past the parity level.

Because of this, we are buyers of this market above that level, and will sell resistive candles that appear at the 0.9950 handle. However, we will do see the daily close first before making the decision. Our suspicion is that Monday evening we will have a very clear trading signal.

 

USD/CAD Forecast October 22, 2012, Technical Analysis

USD/CAD Forecast October 22, 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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