The USD/CAD pair had a slightly positive session on Monday, as the 1.31 level attracted buying pressure. The fact that we formed a hammer on Friday was
The USD/CAD pair had a slightly positive session on Monday, as the 1.31 level attracted buying pressure. The fact that we formed a hammer on Friday was the first significant sign that we could bounce, and a break above the top of the range for the Monday session should send this market looking for the 1.32 handle above. Pullbacks continue to be buying opportunities, and I believe that there is a hard floor somewhere near the 1.30 level below. Keep in mind that WTI Crude Oil markets have a massive effect on this currency pair, and if they are remaining quiet, this pair will as well.
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.
