USD/CAD Forecast April 16, 2012, Technical Analysis

The USD/CAD pair rose during the Friday session as the “risk off” attitude came roaring back to the markets. The pair continues to find the parity level as resistive, and the market has a resistance zone all the way up to the 1.01 handle. The 200 day EMA is just above, and as a result the move higher will be the hardest one to make.

Alternatively, this pair has support down at the 0.99 level, and this should continue to keep the market aloft. In fact, we see this market as a scalper’s playground, and will need to see one of these areas give way in order to be involved. 

USD/CAD Forecast April 16, 2012, Technical Analysis
USD/CAD Forecast April 16, 2012, Technical Analysis

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