The USD/CAD pair fell during most of the session on Tuesday, but found enough support below to turn things back around and form a hammer. This hammer of
The USD/CAD pair fell during most of the session on Tuesday, but found enough support below to turn things back around and form a hammer. This hammer of course suggests that the market is trying to build up enough pressure to break above the 1.12 handle. That being the case, the market looks as if it can be bought, but at this point in time we would be leery until we clear the 1.12 level on at least a daily candle. With that, we are bullish but recognize that it’s not time to buy quite yet.
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.
