The USD/CAD pair initially tried to rally during the day on Thursday but then ended up selling off. Quite frankly, we believe that this market is simply
The USD/CAD pair initially tried to rally during the day on Thursday but then ended up selling off. Quite frankly, we believe that this market is simply trying to build up enough momentum to break above the major resistance at the 1.40 level just above, so a pullback would necessarily be a huge surprise. Ultimately, that pullback is probably just the market trying to finally build up enough buying pressure to break out though, so we have no interest in selling. We like pullbacks and show signs of support, and of course a break out above the aforementioned 1.40 handle.
USD/CAD Forecast January 4, 2016, Technical Analysis
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.
