The USD/CAD pair initially fell during the course of the week, but found the 1.30 level below to be far too supportive, and we bounced enough to form a
The USD/CAD pair initially fell during the course of the week, but found the 1.30 level below to be far too supportive, and we bounced enough to form a massive hammer. A break above the top the hammer would be a bullish sign, perhaps reaching towards the 1.35 level given enough momentum and patience. I believe that short-term pullbacks continue to offer buying opportunities as well, and with this I am bullish and will most certainly continue to be bullish when oil markets fall as they do look like they are ready to roll over.
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.
