USD/CAD Forecast September 17, 2012, Technical Analysis

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The USD/CAD pair formed a hammer on the Friday session as the 0.97 level offered a bit of support. This was somewhat counterintuitive, but more than likely it had to do with traders not willing to hold onto risk through the weekend. After all, there are plenty of issues going on in the Middle East right now that could rock markets on the open.

The 0.98 handle should offer resistance going forward, as it was the support of a massive consolidation rectangle previously this if we managed to stay underneath that or show weakness at that point time, we will start selling this pair. Also, a break below the bottom of the hammer from the Friday session shows weaknesses well, and we would be more than willing to sell that signal also.

 

USD/CAD Forecast September 17, 2012, Technical Analysis

USD/CAD Forecast September 17, 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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