USD/CAD Forecast September 24, 2012, Technical Analysis

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

The USD/CAD pair originally fell during the session on Friday, but did bounce in order to form a hammer. This directly competes with the shooting star from the day before, but we also see the 0.98 handle above is massive resistance. Because of this, we are not going to take this candle as a buy signal, rather as an anomaly in an otherwise down trending market.

With this being said, the oil markets have found a bit of support, and this of course will help the Canadian dollar going forward. We still maintain that the break of the 0.98 handle was a significant move based upon longer-term charts, and the breaking of that consolidation area does suggest that we are going to eventually see 0.92 before this move is all said and done.


USD/CAD Forecast September 24, 2012, Technical Analysis

USD/CAD Forecast September 24, 2012, Technical Analysis

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network