USD/CAD Forecast January 23, 2012, Technical Analysis

The USD/CAD pair rose on Friday as the 200 day EMA held as support, along with the bottom of the triangle. The oil markets fell, and this is always bad for the Loonie given enough time. However, later in the day we saw selling of the US dollar in general, and that came to this pair as well.

 

The close saw a shooting star, and it looks like this pair wants to fall at this point. However, the 1.01 level just below is the start of a massive support zone, so the fall will be a tough one. Because of this, we won’t sell this pair right now until we get below the 0.99 mark. However, buying doesn’t look all that enticing either. We are staying flat in this market.

USD/CAD Forecast January 23, 2012, Technical Analysis

Written by FX Empire