The USD/CAD pair initially fell during the course of the session on Thursday, but found enough support down at the 1.24 level to turn things back around
The USD/CAD pair initially fell during the course of the session on Thursday, but found enough support down at the 1.24 level to turn things back around and form a nice-looking hammer. Because of this, it appears of the market is ready to continue going higher, and if we get a move above the 1.25 handle, we believe that this pair will continue to grind itself much higher. Ultimately, the 1.28 level will be the target, but also offers quite a bit of resistance. We believe we get above there we can head to the 1.30 handle, but that of course is 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.
