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.
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.
