USD/CAD and try to rally during the Friday session, but was slapped back down to form a massive shooting star to sit just above the 0.99 level. This shows extreme bearishness, and just how negative the view on this market has become. However, we see the 0.98 level as the beginning of serious support, and also the bottom of a massive consolidation zone that runs from that level to the 1.04 or even the 1.05 area. With this being said, we think that although the next move is down, it will be somewhat limited. In other words, if you are just thinking of shorting this market now – you are probably too late.
Written by FX Empire