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.
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.
