The USD/CAD pair broke higher on Friday, testing and slicing through the top of the shooting star from Thursday. This is a bullish sign, so I think we will reach towards the previous uptrend lined again, if not higher than that. We have made a “higher low”, so it is possible that the buyers are starting to make a stand now. Pay attention oil, that is most certainly one of the biggest drivers of the Canadian dollar, and that is a market that seems like it is trying to make up its mind as to which direction to go.
Written by FX Empire