The USD/CAD pair fell initially during the week, but found enough support at the 1.30 level to turn things around and break back above the previous
The USD/CAD pair fell initially during the week, but found enough support at the 1.30 level to turn things around and break back above the previous uptrend line. Because of this, I feel that the market is going to reach towards the 1.35 handle above, and then eventually break above there. If oil markets start to roll over again, it’s likely to continue to push this market much higher. Currently, I have no interest in selling this pair longer term. I believe that the 1.30 level underneath will be the “floor.”
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.
