The USD/CAD bounced on Monday as the trading world started to shun risk assets globally. The oil markets were soft, and so were the equity markets. This
The USD/CAD bounced on Monday as the trading world started to shun risk assets globally. The oil markets were soft, and so were the equity markets. This sends risk assets down, and in this case – the Canadian dollar.
We mentioned the parity to parity +50 level as a question to be answered. It was the site of a major breakout recently, but hadn’t been retested yet. It has as of Monday, and it shows to be supportive. Because of this, we feel the next leg in this pair is up. As long as parity holds up in this pair – we are willing to buy dips as the global outlook is still very shaking in general.
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.
