The USD/CAD pair initially tried to rally on Thursday, but found enough resistance to turn things around to form a shooting star. The shooting star of
The USD/CAD pair initially tried to rally on Thursday, but found enough resistance to turn things around to form a shooting star. The shooting star of course is a negative sign but the massive hammer from a couple of sessions before should continue to be supportive. I think the market will simply chop around and follow oil in general. I still believe longer-term we will see this market go higher, but in the meantime, it looks like quite a bit of consolidation is probably on the docket over the next several sessions.
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.
