USD/CAD fell on Wednesday as the oil markets gained. However, the Dollar saw a bid in the afternoon in Europe and the later hours of the US session,
USD/CAD fell on Wednesday as the oil markets gained. However, the Dollar saw a bid in the afternoon in Europe and the later hours of the US session, forming a hammer just above the 1.02 level. The area has been supportive in the past, and the forming of this hammer at this level is a truly bullish sign indeed. The breaking of the highs from Wednesday would signal higher rates, and we would be willing to be long of this market at that point. However, shorting this pair will be very difficult as we see support all the way back down to the 0.99 level.
USD/CAD Forecast December 22, 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.
