The USD/CAD pair rally during the day on Tuesday, breaking above the 1.36 handle. This is a very bullish sign and now frees this market to reach much higher. If we can break above the top of the range for the session, the USD/CAD pair should now look for the 1.45 handle over the longer term. This is a major breakout, and if oil collapses, this will only expedite this move, sending this pair into overdrive. I think that the “floor” is somewhere near the 1.35 handle below. I have no interest in shorting now.
Written by FX Empire