The USD/CAD pair went back and forth during the course of the day on Monday, but more importantly formed a bit of a hammer. Because of this, we feel that
The USD/CAD pair went back and forth during the course of the day on Monday, but more importantly formed a bit of a hammer. Because of this, we feel that the longer-term uptrend will continue. This is especially true considering that the crude oil markets continue to show softness. After all, that works against the value of the Canadian dollar in general, and with that it makes sense that we do continue to go higher. This is especially true if the markets stop worrying about the potential rate hike and calm down.
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.
