USD/CAD Forecast September 28, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The USD/CAD pair fell during the session on Thursday, in order to retest the 0.98 level for support. So far, it has found it but it should be suggested that the overall trend is certainly to the downside. Also, we see quite a bit of resistance all the way to the 0.9950 level, and as such we are willing to buy at this point anyways.

The light sweet crude market looks relatively healthy during the Thursday session, so we could be ready to see a move to the upside in that market. Because of this, this market could continue falling as the Canadian dollar picks up steam.

With the Federal Reserve expanding its monetary policy recently, it does make sense of this pair should continue lower. If we can get a daily close below the 0.98 handle, we are willing to start selling this pair again as the recent breakout from the previous consolidation area did suggest a potential target of 0.92 or so. We still think that is very possible.

 

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.


include_once( __DIR__ . "/request_context.php");