USD/CAD Forecast for March 17, 2011

By ForexMansion.com

 

The USD/CAD continued its march north today, and shows no real signs of weakness at the moment as oil have started to fall slightly. However, it should be noted that the CAD seems to be following oil directly at the moment, and we are directly at support in the crude markets. Because of this, we may see a pullback in the USD/CAD at the parity level. It appears that there has been serious resistance at that level in the past, and that should be the order of the day now. In order to find your trade, follow oil. Oil up, USD/CAD down. Oil down, USD/CAD up. It’s that simple at the moment.

 

More March 17, 2011 Technical Analysis:

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