The USD/CAD pair shot through the 0.99 handle during the session on Friday, but failed to close above the 0.9950 level which was our signal to start
The USD/CAD pair shot through the 0.99 handle during the session on Friday, but failed to close above the 0.9950 level which was our signal to start buying. Because of this, we would have this pair as being potentially a bullish one, but do not see the need to go long quite yet. On a daily close above that 0.9950 handle, we would start buying with than expected move to the 1.0050 level. Alternately, if we started had back down to close below the 0.99 handle, we think that this market will start to drift lower again.
USD/CAD Forecast December 24, 2012, 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.
