USD/CAD rose and retested the parity level on Friday, only to fall back down. This shows us that the breakdown in this pair was a serious one, and we
USD/CAD rose and retested the parity level on Friday, only to fall back down. This shows us that the breakdown in this pair was a serious one, and we think a breaking of the lows on Friday could send us into selling positions. However, with all of the “noise” in the area at these levels, we think the action could be a grind, and less of a meltdown. The overall trend is still down, so we prefer selling at this point. We wouldn’t buy unless we find a way to rise and close above parity again.
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.
