The USD/CAD pair rallied on Wednesday, as the 1.30 level should continue to be supportive. If we bounce from here, I think it’s only a matter of time
The USD/CAD pair rallied on Wednesday, as the 1.30 level should continue to be supportive. If we bounce from here, I think it’s only a matter of time before the sellers get involved again. Alternately though, if we can break above the previous uptrend line, I feel that the market will go higher. I am starting to see cracks in the armor of the oil market, so it’s likely that we could see a bit of influence from over there. If we fall apart in the oil market, that might give us a chance to go much higher. A breakdown below the 1.30 level would be very negative.
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.
