USD/CAD Technical Analysis for the Week of August 8, 2011

The USD/CAD pair had a screamer of a week as the pair shot straight up. It has stalled at the 0.98 level however, and as such – we could see a move down in the near-term. The 0.99 area is even stronger resistance, and we think we may see an attempt to push price up to that level. None-the-less, we think of the USD/CAD pair as a “sell only” pair, and will only sell signs of weakness. Unfortunately, we are not seeing that at the moment.

Leave a Reply

Your email address will not be published.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