The USD/CAD pair rose slightly during the Wednesday session in very light volume. One of the contributing factors would’ve undoubtedly been the fact that the oil markets were so quiet as well. Certainly, with the Iranians saber rattling in the Middle East, there is reason for oil despite again. Adding to that is the fact that this pair broke below the 1.0150 support level, and we do expect this pair to continue to grind lower to the parity level.
With this being said, this slight pop higher might be an invitation to sell at higher prices. On a failed candle in this area, we would be more than willing to sell again in order to capture the next 150 pips or so.
Written by FX Empire