The USD/CAD pair rose during the session on Thursday as you can see, but still looks very weak overall. Because of this, we are not overly confident about buying this pair, and need to see a better supportive looking candle in order to do so. We admit that the 1.03 level does look like it’s holding up quite well, but until we get the right candle, we simply do not trust this market. Going forward though, if we managed to break down below the 1.03 level, we think this market would fall apart and head towards the 1.02 handle in relatively short order.
Written by FX Empire