USD/CAD Forecast for the Week of January 23, 2012, Technical Analysis

USD/CAD fell during the week as the oil markets went back and forth for the sessions. However, the oil markets did end up lower, and this pair did as well. (Something that is counterintuitive in general.) The 1.01 level is being tested at the close, and we are starting to see a real fight at this point in time.

The daily chart shows a messy triangle at this point, and the bottom of it is being tested. However, the 1.01 level is the start of at least 200 pips worth of support. In general, we don’t like this pair in either direction right now, and will avoid it.

USD/CAD Forecast for the Week of January 23, 2012, Technical Analysis
USD/CAD Forecast for the Week of January 23, 2012, Technical Analysis

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