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.
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.
