The USD/CAD pair fell on Thursday, but bounced towards the end of the light volume session to form a hammer at the top of the recent upward move. The pair is looking to break out of the recent highs, and if it does – it could go much further. It is looking a bit extended at this point, and because of this – we like buying dips as they come. The pair may or may not give us this opportunity, and if it doesn’t we would buy fresh highs as it looks set to go to 1.10 and maybe even beyond. We aren’t selling at the moment – at least until we close on the daily chart below 1.03 or so.
USD/CAD Forecast Nov. 25th, 2011, Technical Analysis
Originally posted here
