The US dollar initially fell during the session on Wednesday but found enough support at the previous uptrend line that we turned around and formed a bit of a hammer. The suggest that we could rally, but I’m not convinced until we clear the 1.32 level on a daily close. Once we do, I’m a buyer and I believe that the market goes much higher. Pay attention to oil, because this of course will have a massive effect on the value of the Canadian dollar itself. If oil falls, a bounce from here makes a lot of sense.
Written by FX Empire