After a major negative candle during the session on Wednesday, the USD/CAD pair bounced a bit as oil markets calmed down. Ultimately, oil markets are
After a major negative candle during the session on Wednesday, the USD/CAD pair bounced a bit as oil markets calmed down. Ultimately, oil markets are reacting to the possible OPEC output cut, and as a result there should be a stronger demand input. However, when I look at this chart I recognize that the lows are still getting higher, and if we can continue to raise the value from here, I think the market will then reach towards the 1.32 handle. With this, a am still bullish, but I recognize that it’s going to be very choppy.
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.
