USD/CAD Forecast January 30, 2012, Technical Analysis

USD/CAD fell on Friday as traders continued to sell the Dollar in general. However, the parity level continues to put up a fight and offer support. The pair has yet to close convincingly below that mark, and as such we see the pair as not breaking below the descending triangle yet. The past two candles have been hammers, and this suggests that real buyers are stepping into the markets currently. With this in mind, we are willing to buy on a break above the Thursday candle, and won’t sell until we get a daily close below 1.0000 as it shows a breakdown.

USD/CAD Forecast January 30, 2012, Technical Analysis
USD/CAD Forecast January 30, 2012, Technical Analysis

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