The USD/CAD pair initially fell during the course of the week, but found enough support near the 1.11 handle in order to turn things back around and form
The USD/CAD pair initially fell during the course of the week, but found enough support near the 1.11 handle in order to turn things back around and form a hammer. The hammer suggests that the market is going to continue to go higher, and on a break of the top of the hammer we believe that the market will break out and head to the 1.15 level. With that, the market could go much higher, but we are most certainly in an uptrend, and after forming two hammers in a row on the weekly chart, we feel that the US dollar will continue to strengthen against the Canadian counterpart.
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.
