The USD/CAD pair fell during the course of the week, but found enough support just above the 1.37 level to turn things back around and form a hammer. This
The USD/CAD pair fell during the course of the week, but found enough support just above the 1.37 level to turn things back around and form a hammer. This was exacerbated on Friday as the jobs numbers in both the United States and Canada fell flat, and as a result we have formed a hammer. The hammer sits right at the 1.40 region, so a break above the top of that hammer should send the buyers back into this market and willing to go long yet again. After all, we are in a nice uptrend, and oil markets certainly doing nothing to help 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.
