USD/CAD rose again on Wednesday as the oil markets absolutely cratered. The selling of oil often will drive the value of the Canadian dollar down, and
USD/CAD rose again on Wednesday as the oil markets absolutely cratered. The selling of oil often will drive the value of the Canadian dollar down, and Wednesday wasn’t any different. The 1.03 level below could offer support at this point as it has been important several times lately. The 1.05 level will more than likely be resistive, and a pullback at this point would be welcomed. The pullback and showing of support at 1.03 has us buying this pair aggressively. We are not willing to sell, and don’t want to buy at this level as it is simply far too overextended at this point.
USD/CAD Forecast December 15, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
