USD/CAD fell slightly on the session for Tuesday as the oil markets caught a bid. The Canadian dollar will often catch a bid in concert with oil, which is
USD/CAD fell slightly on the session for Tuesday as the oil markets caught a bid. The Canadian dollar will often catch a bid in concert with oil, which is precisely what happened for the session. However, the volume was light and the move very small. The area it currently trades in is in the center of massive support which will keep a cap on declines. The market has support all the way down to the 0.99 level, and as a result we are not shorting it. Having said that, we see no real supportive candles currently and are not buying this market either. We suspect sideways will be the move for the next several sessions.
USD/CAD Forecast December 28, 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.
