USD/CAD Technical Analysis August 9, 2011

USD/CAD rose yet again on Monday as the oil markets continue to fall. The oil markets control the fate of the CAD, and as the Light Sweet Crude market is sitting right at $80 – we can monitor that to decide how to trade this pair. The $80 level is key for oil, and if it gives way, this pair will rise as the Loonie falls in value. The parity level is just above, and one cannot help but think it should be massively resistive. We are waiting to see if we get to it, and would be very interested in selling the pair at parity.

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