The USD/CAD pair fell slightly during the week, as the 1.35 level continues to offer resistance. There is a significant bottom to the current
The USD/CAD pair fell slightly during the week, as the 1.35 level continues to offer resistance. There is a significant bottom to the current consolidation at the 1.30 level, so we could reach towards that level. However, I believe that the buyers will return there, especially considering what’s going on in the oil markets. Given enough time, I believe that oil goes lower, therefore driving this pair higher. I have no interest in hanging onto a short trade, but could be convinced to take a short term sell position. Longer-term, I think we’re reaching toward 1.50.
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.
