USD/CAD Technical Analysis August 12, 2011

The USD/CAD pair fell on Thursday as the oil markets climbed, pushing the demand for Canadian dollars in the marketplace. The pair has a natural back stop in the form of parity, and the trend is certainly down. Because of this, we like selling this pair still, and will continue to say so until we can clear 1.02 or beyond. This pair is going to be very beholden to the oil markets, and as those charts look healthy all of the sudden, we feel that all rallies are to be sold, and eventually we will see a return to lower pricing in this pair.

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