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.
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.
