USD/CAD Forecast January 6th, 2012, Technical Analysis

USD/CAD rose during the session on Thursday as the oil markets sold off. The levels are still high in those markets still, so it should be watched for future direction. The 1.01 level below starts massive support down to 0.99, and the 1.04 area above is massive resistance. With this in mind, we are expected a sideways market for a while and with this in mind we are playing this as a range bound market that looks consolidative. A daily close above 1.04 or below 0.99 is what it would take for us to buy or sell for anything more than a quick trade at the moment.

USD/CAD Forecast January 6th, 2012, Technical Analysis
USD/CAD Forecast January 6th, 2012, Technical Analysis

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