The USD/CAD pair had a volatile day on Tuesday as the markets went back and forth between “risk on”, and “risk off.” The shape of the candle for the day ended up being a hammer, but this was preceded by a shooting star on Monday. With this being said it looks like the 0.99 handle is still supportive and as such we think we will continue to consolidate between this level and the 1.0050 handle. Until we break out of one of these areas, we are not interested in trading this pair for anything more than the short-term scalp.
Written by FX Empire