By FXEmpire.com
USD/CAD had a strong day on Thursday as the oil markets gave way as well. The world is focusing on the chance of a Chinese slowdown, and this would of course have a dampening effect on the demand for oil. As oil goes, so goes the Canadian dollar.
The parity level above still offers resistance, and we think that runs all the way up to the 1.01 handle. It isn’t until we close on the daily chart above that level that we are interested in buying. The support for this pair is found at multiple levels such as: 0.99, 0.98, 0.9750, and 0.97 as well. This makes selling this pair very difficult as well. In fact, we are currently avoiding this pair until we break out of this very tight range.
USD/CAD Forecast March 23, 2012, Technical Analysis
Originally posted here
