The USD/CAD pair initially fell during the course of the session on Tuesday, but found enough support below to turn things back around and form a hammer.
The USD/CAD pair initially fell during the course of the session on Tuesday, but found enough support below to turn things back around and form a hammer. The hammer of course is a bullish sign, so we can break above the top of the range, we would be buyers as the market should then head towards the 1.35 level. Ultimately, we believe that the market has broken above a significant resistance barrier, and as a result we are bullish overall. On top of that, oil markets are doing nothing to support the Canadian dollar.
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.
