By FX Empire.com
USD/CAD fell during the session on Tuesday, but did manage to bounce a bit to form a hammer at the top of the recent upward move. This suggests that more buying could be coming, and the breaking above the 1.03 level really was a bullish sign. The pair will move with the safety trade, and as long as the markets are nervous – it will favor the upside. Also, oil markets can often dictate the value of the Canadian dollar as well, and falling oil prices would put further upward pressure on this pair. We are willing to buy and hold on a breakout above the 1.07 level, and like buying pullbacks above the 1.03 level.
USD/CAD Forecast Nov. 23rd, 2011, Technical Analysis
Originally posted here
