USD/CAD Forecast February 20, 2012, Technical Analysis

The USD/CAD pair fell during the session on Friday, but managed a bounce towards the end of the day to form a hammer. The candle isn’t all that impressive as it simply is in the middle of a consolidation area. The 0.99 level below should offer plenty of support, and if it doesn’t – the 0.98, 0.97, and 0.9750 should. This creates a problem with going short in this pair as there are simply far too many places where buyers could emerge going forward. Buying isn’t possible until we clear the 1.01 resistance level either. Because of this – we are flat in this pair and expect nothing but choppiness going forward.

USD/CAD Forecast February 20, 2012, Technical Analysis
USD/CAD Forecast February 20, 2012, Technical Analysis

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