The USD/CAD pair shot higher during the week as we slammed through the 0.99 handle. However, we did not clear the 0.9950 level which would've been our
The USD/CAD pair shot higher during the week as we slammed through the 0.99 handle. However, we did not clear the 0.9950 level which would’ve been our signal to consider going long. At this point time, we do believe that there is serious risk to the upside, but we see the 1.0050 as being a bit of the ceiling in this market right now. Having said that, we also see a break of the low from this week is been a longer-term sell signal. If we can ever get above the 1.0050 handle, a move to the 1.04 level seems very feasible.
USD/CAD forecast for the week of December 24, 2012, 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.
