USD/CAD Forecast September 3, 2012, Technical Analysis

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The USD/CAD pair fell during the session on Friday in order to retest the bottom again. The 0.98 level should continue to hold as support in the meantime, but it does give way we think this pair falls quite a bit farther – perhaps as low as the 0.94 handle. Oil markets will certainly influence this pair, as will the “risk on, risk off” sentiment. Because of this, we feel that the signs point towards a real struggle, and this would actually favor a supportive candle. Until we see that candle however, we simply will not place a long trade. On the other hand, if we get a daily close below the 0.98 handle, we are more than willing to sell.

USD/CAD Forecast September 3, 2012, Technical Analysis

USD/CAD Forecast September 3, 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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