The USD/CAD sliced right through the parity level on Thursday as the EU finally came out with a bailout plan. The commodities markets took off as the US
The USD/CAD sliced right through the parity level on Thursday as the EU finally came out with a bailout plan. The commodities markets took off as the US dollar was sold off against everything. The oil markets really took off, and as a result – the CAD became much desired. The closing on a daily candle well below the parity level has us thinking sell now, but it should be noted that the next 200 pips or so are likely to be a grind as there are a lot of orders in this area. We like selling rallies, at least until we close above parity on the daily chart.
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.
