USD/CAD rose again on Wednesday as the oil markets absolutely cratered. The selling of oil often will drive the value of the Canadian dollar down, and Wednesday wasn’t any different. The 1.03 level below could offer support at this point as it has been important several times lately. The 1.05 level will more than likely be resistive, and a pullback at this point would be welcomed. The pullback and showing of support at 1.03 has us buying this pair aggressively. We are not willing to sell, and don’t want to buy at this level as it is simply far too overextended at this point.
Written by FX Empire