USD/CAD fell in the late hours of the session on Wednesday as the Federal Reserve has announced that interest rates would remain ultra-low until the end of 2014. The markets sold off the dollar in general, and the Canadian dollar gained against it as a result.
The triangle on our chart has been pierced, but the end of the supportive area is roughly parity, and as we didn’t close below that mark – we aren’t quite ready to sell yet. A move below the lows form the Wednesday session would be enough though. The triangle implies a move down to 0.95 before it is all said and done. We are not buying at this moment now.
USD/CAD Forecast January 26, 2012, Technical Analysis
Originally posted here
