The USD/CAD pair rose during the course of the day on Thursday, using the 1.11 level as support. That being the case, the market looks like it’s heading
The USD/CAD pair rose during the course of the day on Thursday, using the 1.11 level as support. That being the case, the market looks like it’s heading back towards the 1.12 handle, as this market is very sensitive to the employment numbers coming out of the United States today. If the numbers are better than anticipated, we should break back above the 1.12 level again, and continue towards the 1.15 handle given enough time. We would look at short-term pullbacks as buying opportunities as well, as the Canadian dollar simply seems to be on its back foot lately.
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.
