USD/CAD had a very neutral day on Wednesday as the market attempted to break the pair down below the 1.01 level and failed. The resulting daily candle was a doji, and finished just slightly positive. The oil markets are struggling to get over the current resistance levels, and as long as that is the case, we think this pair will be able to hold the current support level between 0.99 and 1.01. The candle sets up an easy trade – if we break the top of the Wednesday range, we would buy. We won’t sell down here as the 200 pip support level is just below.
Written by FX Empire