USD/CAD Forecast January 5th, 2012, Technical Analysis

USD/CAD rose during the Wednesday session, but only somewhat. The daily candle looks much like a shooting star at the bottom of a fall – a sign that bearish pressure could be mounting. The area just below is massive support though, so at best – this pair looks confused. The Dollar is the currency that most traders are buying these days, but the Canadian dollar might not be the best one to buy it against. The pair looks range bound between 0.99 and 1.04 in very sloppy trading. The 1.01 level also looks a bit supportive, so this pair will continue to be messy. We are avoiding this pair at the moment.

USD/CAD Forecast January 5th, 2012, Technical Analysis
USD/CAD Forecast January 5th, 2012, Technical Analysis

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