USD/CAD rose on Monday as the markets sold off risk in general. The oil markets fell uniformly across all grades, and as a result, the Canadian dollar got hit because of the oil export relationship. The 1.03 area still acted as resistance though, and as a result – we like buying, but want to see a pullback at this point so we aren’t buying right into the resistance level. The selling of this pair doesn’t interest us at the moment as the “risk off” trade seems to be the norm these days.
Written by FX Empire