The USD/CAD pair fell below the 0.99 support level on Friday as this market finally broke down a bit. However, we are not below the trigger point of
The USD/CAD pair fell below the 0.99 support level on Friday as this market finally broke down a bit. However, we are not below the trigger point of 0.9875, and as a result we are still within the “margin of error” for this consolidation area. With this in mind, we are more than willing to start shorting this pair on a break below the low of this past week candle, as we think it could signify a move down to the 0.97 level. This would be a “risk on” type of trade, so good news involving the fiscal cliff could be a nice catalyst for this move. As for buying, we are not interested until we get above the 1.0050 level.
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.
