USD/CAD fell during the week as the oil markets got a bit of a bid. However, the oil markets are running into massive resistance above, and the next move
USD/CAD fell during the week as the oil markets got a bit of a bid. However, the oil markets are running into massive resistance above, and the next move could very well be down. With this in mind, the hammer that the weekly chart in USD/CAD makes even more sense as the Canadian dollar will continue to be sold as oil falls. The move has been choppy lately, but the trend is starting to favor the upside from here. We would be comfortable buying above the 1.03 level, while watching the oil markets as a guide. Selling isn’t a thought until under the 0.99 level.
USD/CAD Forecast for the Week of January 2, 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.
