USD/CAD Forecast June 22, 2012, Technical Analysis

The USD/CAD pair absolutely skyrocketed during the Thursday session as the “risk off” trade came back into play. The oil markets fell during the session, and the CAD got punished as a result. The breaking of the top of the shooting star on Wednesday is a massively bullish sign, and in fact another shooting star was overcome in the same move as well. This tells us that this pair is going to make a run to the 1.04 level again, and perhaps beyond. We are buying pullbacks on short term charts that show supportive price action – or a break of the top of the Thursday session.