The USD/CAD pair broke out to the upside during the day on Tuesday, breaking the top of the hammer from Monday. We look as if we are ready to continue the
The USD/CAD pair broke out to the upside during the day on Tuesday, breaking the top of the hammer from Monday. We look as if we are ready to continue the consolidation, and that means that the 1.3450 level should offer a significant amount of resistance. Short-term pullbacks could calm, especially considering that today is the Crude Oil Inventories number coming out, and that has such a massive effect on the oil markets. Expect choppy back and forth type of consolidation in this pair like we have seen over the last several weeks.
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.
