The USD/CAD pair went back and forth during the course of the day on Friday but the 1.40 level above is proving itself to be massively resistive. That
The USD/CAD pair went back and forth during the course of the day on Friday but the 1.40 level above is proving itself to be massively resistive. That being the case, we think that we will pullback in order to try to find buyers. If we get a supportive candle, we are willing to go long, but we do prefer to wait until we get above the 1.40 level as it shows a significant buildup in momentum. We don’t have an interest in selling though, because we think ultimately the oil markets will continue to be a drag on the Canadian dollar.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
