USD/CAD Forecast for the Week of February 20, 2012, Technical Analysis

The USD/CAD pair continued to grind around the parity level this past week as the oil markets are continuing to focus on the problems between Iran and the West. The threat of an oil disruption continues to have traders worried, and as a result the price of oil remains elevated. With this being the case, there will continue to be a bid for the Loonie, as money will flow into Canada.

The pair has several support levels below however, and as a result we are hesitant to sell it. The 1.01 level to the upside will have to be overcome for the bulls to push prices higher at this point as well. Because of this, we are currently flat in this market as it is simply too tight and choppy.

USD/CAD Forecast for the Week of February 20, 2012, Technical Analysis
USD/CAD Forecast for the Week of February 20, 2012, Technical Analysis

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