The USD/CAD pair fell during the session on Tuesday, breaking below the 1.03 handle finally. This market now looks like it’s ready to continue lower, and as a result we think that this market will target the 1.01 handle first, and then possibly parity if we can get through that level. In order to start buying this market, we would have to close on the daily charts above the 1.0450 handle. We don’t think that’s going to happen in the short run, so we do think that there is definitely more room to the downside for the sellers to push this market.
Written by FX Empire