The USD/CAD pair rose during the session on Monday, poking through the parity level in order to challenge the 200 day EMA as well. This is an area that the pair has found resistive lately, and the level has acted as resistance yet again. The resulting shooting star on the daily candle suggests that the market wants to fall again. However, there is also the fact that the lows are getting higher and higher over time that has us concerned about selling. Because of the case for both moves – we are flat and think that we are back to waiting for more clear cut signs in this pair yet again.
Written by FX Empire