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.
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.
