The USD/CAD pair fell for much of the session on Monday, but did manage to balance in order to form a hammer. If we can get back above the 0.98 handle,
The USD/CAD pair fell for much of the session on Monday, but did manage to balance in order to form a hammer. If we can get back above the 0.98 handle, this would signify that there is more support in the general vicinity than originally anticipated. This would be an interesting turn of events, and could have the market looking for the 0.9950 level.
However, the hammer also sets up a short if we manage to break below the range. Because of this, we can almost treat this as a doji candle in the sense that we would buy on a break in the highest, or sell at the break of the lows.
USD/CAD Forecast September 11, 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.
