The USD/CAD pair initially tried to rally on Wednesday, but found enough resistance above the 1.34 level to turn around and form a shooting star. I think
The USD/CAD pair initially tried to rally on Wednesday, but found enough resistance above the 1.34 level to turn around and form a shooting star. I think we’re going to enter a bit of consolidation in this area now, so a short-term fall could be coming. However, I would also anticipate that there are plenty of buyers just below the 1.33 level to make this market turnaround bounce again. Pay attention oil, it always influences the Canadian dollar, so if asserts falling, that could send this pair higher. In the meantime, it looks like it’s going to consolidate as well.
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.
