The USD/CAD pair fell during the course of the day on Wednesday, breaking back below the 1.12 level. However, the 1.1150 level is the epicenter of a
The USD/CAD pair fell during the course of the day on Wednesday, breaking back below the 1.12 level. However, the 1.1150 level is the epicenter of a significant amount of support as far as we can see on this chart, so we feel that the downside is somewhat limited. Ultimately, if the market forms a bit of a supportive candle in this region, we would be buyers. On the other hand, if we break above the highs from the session on both Tuesday and Wednesday, we would be buyers as well. We have no interest in selling this market at the moment.
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.
