The USD/CAD pair initially broke higher during the course of the day on Monday but turned back around to form a rather negative candle. Ultimately though,
The USD/CAD pair initially broke higher during the course of the day on Monday but turned back around to form a rather negative candle. Ultimately though, we feel that there is more than enough support below the 1.30 level to keep this market afloat. On top of that, oil markets look very sick at the moment, so quite frankly unless we get some type of strengthening move in that market, we do not believe that this market will break down with any significance. A supportive candle below is a buying opportunity as far as we can see.
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.
