The USD/CAD currency pair fell for much of the week, but bounced in order to form a hammer. This hammer watched the parity level, and as such is a very
The USD/CAD currency pair fell for much of the week, but bounced in order to form a hammer. This hammer watched the parity level, and as such is a very interesting candle for us. If we can get above parity, we think this market will go much higher, probably to the 1.04 level. However, if we managed to break below the bottom of this previous week’s candle, this would be extremely bearish and have us selling aggressively as it would become a “hanging man.” Regardless, we need to wait until one of the sides of this candle is broken on it least a daily close in order to react.
USD/CAD forecast for the week of October 29, 2012, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
