The USD/CAD pair fell during the course of the week, but found enough support just above the 1.37 level to turn things back around and form a hammer. This
The USD/CAD pair fell during the course of the week, but found enough support just above the 1.37 level to turn things back around and form a hammer. This was exacerbated on Friday as the jobs numbers in both the United States and Canada fell flat, and as a result we have formed a hammer. The hammer sits right at the 1.40 region, so a break above the top of that hammer should send the buyers back into this market and willing to go long yet again. After all, we are in a nice uptrend, and oil markets certainly doing nothing to help 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.
