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.
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.
