USD/CAD had a very bearish day on Thursday as the oil markets were quite constructive. The pair even managed to violate the bottom of the hammer from
USD/CAD had a very bearish day on Thursday as the oil markets were quite constructive. The pair even managed to violate the bottom of the hammer from Wednesday, and this does in fact show real bearishness. The area we are currently sitting in shows significant noise all the way down to 0.99 though, and with the holidays coming, it is difficult to short this pair. We can’t buy it either with the recent price action though, so this is a pair that we are very neutral on at the moment.
USD/CAD Forecast December 23, 2011, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
