USD/CAD fell hard on Friday, and even closed at the bottom of the range. The pair is testing the 0.98 level, and we see the next 100 pips down to the 0.97 level as massive support. The oil markets are controlling this pair, and as it rises the CAD will be in demand. If the Light Sweet Crude market can break and close above the $90 level – we suspect this pair will have broke down below support at that level. We don’t’ buy this pair as it is countertrend until a close above the 1.0050 level.
Written by FX Empire