The USD/CAD pair fell during the week, but then turned around to form a hammer. I think we are trying to build up enough momentum to finally break above
The USD/CAD pair fell during the week, but then turned around to form a hammer. I think we are trying to build up enough momentum to finally break above the 1.35 handle, and of course the petroleum markets will have quite a bit of influence on this market. Once we finally get to the 1.36 level and clear it to the upside, I believe that the US dollar will have plenty of strength to continue going much higher. Ultimately, I have no interest in selling currently as the oil markets have so much bearish pressure.
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.