The USD/CAD pair smashed through the parity level this past week and into the 0.99 support level with relative ease. The preceding week’s shooting star
The USD/CAD pair smashed through the parity level this past week and into the 0.99 support level with relative ease. The preceding week’s shooting star was the hint, but the parity level was just below. Now that we are under that level, we think the easiest route is to the downside. However, we expect the down move to be a slow grind, not a fast move. We like selling rallies until we close above the parity level, but would have to do that on shorter time frames, but keeping the longer-term weekly charts in mind. A weekly close above the parity level is needed to think about longs.
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.
