The USD/CAD pair went higher during the session on Wednesday after the Federal Reserve released a more hawkish than anticipated statement. We broke back
The USD/CAD pair went higher during the session on Wednesday after the Federal Reserve released a more hawkish than anticipated statement. We broke back above the 1.12 level, but there is a significant amount of resistance just above that area so even though we are bullish of this pair, we recognize the fact that the market will probably struggle to continue going higher in any type of smooth movement. If you have the wherewithal to handle the volatility, this is a market that you probably want to be long of, but if you are a bit more fickle, this will not be the marketplace for you.
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.
