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USD/CAD Technical Analysis October 21, 2011

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

The USD/CAD pair had a back and forth session on Thursday as traders first sold off risk, only to buy it back in the later hours of the session. This has

USD/CAD Technical Analysis October 21, 2011

The USD/CAD pair had a back and forth session on Thursday as traders first sold off risk, only to buy it back in the later hours of the session. This has been a bit of a trend lately: Americans trying to reverse the bearishness out of Europe. The pair will be greatly influenced by oil, and the massive support expected at the parity level. Because of this, we are hesitant to sell it until we close below that parity level. We are looking to see if it holds as support, and would be willing to buy a bullish candle form that area, as the headline risks out there are great, and the Dollar is always king in uncertainty.

About the Author

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.

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