The USD/CAD pair went back and forth on Tuesday, but remains above the vital uptrend line marked on my chart. As long as we are above there, I believe that the buyers still have a good chance to continue the longer-term uptrend, and if oil starts to roll over as it looks likely to, that should add to the upside pressure. If we can break above the top of the range during the session on Tuesday, I think the buyers will return and we will make a move towards the 135 handle above. If we get a daily close below the 1.31 handle, I think then the sellers may take control.
Written by FX Empire