By FX Empire.com
The USD/CAD pair continued to consolidate around the parity level over the previous week as the pair simply cannot breakout of this area. The pair should continue to be choppy, and because of this we aren’t overly interested in longer-term trades. In order to go long, we need a close above the 1.01 resistance level, and in order to sell, we need to see a sub-0.9750 print. The area between should continue to bounce around the market, and the oil concerns in Iran may continue to keep the range tight, and the action difficult. Because of this – we are leaving this pair alone until we see a breakout past one of those levels.
USD/CAD Forecast for the Week of February 13, 2012, Technical Analysis
Originally posted here
