The USD/CAD pair broke out during the week, clearing the 1.36 handle. This is a major development, and it now looks as if the market is going to continue
The USD/CAD pair broke out during the week, clearing the 1.36 handle. This is a major development, and it now looks as if the market is going to continue to go much higher. I believe that the 1.40 level above will be targeted, and then eventually the 1.45 handle. If oil markets fall apart, that would be very negative and destructive to the Canadian dollar. I have no interest in shorting this market currently, and recognize that the buyers are very much in control of this currency pair currently.
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.
