By FXEmpire.com
The USD/CAD pair has been tight for some time. The range bound action in this pair has made it very difficult to trade unless you are willing to scalp. The chart has nothing in it at the moment to suggest that the choppiness is about to change.
However, we do have some levels to pay attention to as they could signal a move. The parity level has been very resistive since the start of the year, and at the moment we are simply bouncing between parity and 0.99 or so. Our levels are 1.01 and the 0.98 handle. If we manage to break above the 1.01 level, we are ready to buy. If the 0.98 level gets broken to the downside, we are ready to sell. Until then, we have no long-term trades.
USD/CAD Forecast for the Week of April 9, 2012, Technical Analysis
Originally posted here
