USD/CAD has been grinding away over the last month or so, and the action on Monday suggests that this trend will continue. The shooting star certainly looks bearish, but the truth is that the consolidation area between the 1.01 and 0.99 handles continues to hold firm. The candle looks to bring in sellers, but the support at the 0.99 level should continue to hold as well. The pair has a lot of support levels until you get below the 0.9750 level. The 1.01 level above should continue to hold as well, and as long as you are looking for more than a scalp, this pair won’t be the one for you. However, we think that scalpers could do quite well using 1.0050 and 0.99 as guides.
USD/CAD Forecast February 28, 2012, Technical Analysis
Originally posted here
