The USD/CAD pair initially rallied during the course of the day on Monday, but found the area above the 1.30 level a bit too exhausted, and as a result we
The USD/CAD pair initially rallied during the course of the day on Monday, but found the area above the 1.30 level a bit too exhausted, and as a result we turn right back around to form a bit of a shooting star. However, I believe that we will eventually grind away higher. A move above the top of the shooting star would be a nice buying opportunity. If we can break above there, I feel that we will then make an attempt to get to the 1.3150 level. A break above the 1.32 level would signal that we’re going higher for a longer-term move.
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.
