The USD/CAD pair initially fell during the course of the session on Wednesday, but found enough support at the 1.33 level to turn things back around and
The USD/CAD pair initially fell during the course of the session on Wednesday, but found enough support at the 1.33 level to turn things back around and form a hammer. If we can break above the top of the hammer, we feel that the market should continue to go higher, perhaps reaching towards the 1.35 level. We think the pullbacks continue to offer buying opportunities as well, as the oil markets simply are doing nothing to solidify the Canadian dollar going forward. On top of that, we see more than enough support below to continue pushing this market higher.
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.
