The USD/CAD pair fell hard on Thursday, as we continue to see quite a fair amount of negative pressure in this market. However, I see quite a bit of support on the uptrend line that we have recently obeyed, so I believe it’s only a matter time before the buyers return. A supportive candle would be more than enough reason to continue buying for the longer term, which is what I expect. On the other hand, if we break down below the uptrend line on the daily close after the employment numbers come out from both countries, then the trend could change. Although it’s been a massive pullback, we are still above the uptrend line, so I believe it’s reason enough to believe in the upside story.
Written by FX Empire