The USD/CAD pair fell during the session on Tuesday, slicing through the 1.12 level. However, there is a significant amount of support below, going all
The USD/CAD pair fell during the session on Tuesday, slicing through the 1.12 level. However, there is a significant amount of support below, going all the way down to the 1.11 level and possibly even lower than that. Ultimately, we do believe that this market goes higher as the oil markets are certainly doing nothing to help the Canadian dollar overall. However, we recognize that in the face of this rather bearish candle, we could get a little bit more of the selloff and therefore we are not willing to start buying quite yet.
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.
