The USD/CAD pair initially tried to rally during the course of the day, but the 1.10 level offered enough resistance to turn things back around and form a
The USD/CAD pair initially tried to rally during the course of the day, but the 1.10 level offered enough resistance to turn things back around and form a negative candle. This negative candle of course suggests that the market is going to go lower from here, but we think that the 1.09 area should be supportive and therefore we feel that this is simply more consolidation waiting to happen and not necessarily a reason to get overly bearish. With that, we are on the sidelines and waiting for supportive candle just below in order to get involved in start buying again.
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.
