USD/CAD Forecast Nov. 18th, 2011, Technical Analysis

The USD/CAD pushed higher on Thursday, testing the 1.03 handle again. The 1.03 level is the top of the recent consolidation area, and the sight of massive resistance. The breaking of this area on a daily close would have us buying again, and a break of the 1.07 level has us holding onto a longer-term position. The pair could pullback, but the last two days have shown the real pressure is to the upside at the moment as the highs have pressed the 1.03 level.

Leave a Reply

Your email address will not be published. Required fields are marked *