USD/CAD Forecast Nov. 15th, 2011, Technical Analysis

The USD/CAD pair rose on Monday as the commodity markets sold off due to risk issues in the EU. The market continues to consolidate in the parity to 1.03 levels with a particularly strong interest in the 1.02 to 1.01 areas. The pair will continue to struggle to find direction as the two economies are so interconnected. The back and forth action should continue for the foreseeable future, and the oil markets continue to be a massive influence on the value of the CAD. Until we break above the 1.03 level, we cannot buy for anything more than a scalp. Selling cannot be until we close below the 0.99 level.

USD/CAD Forecast Nov. 15th, 2011, Technical Analysis

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