The USD/CAD pair rally during the day on Tuesday, breaking above the 1.31 handle. It looks as if the markets are going to have a significant amount of push back at the 1.32 level above, so even though it is a bullish move, I think it is going to be choppy and difficult to deal with. When I do find interesting is the fact that the US dollar rose at the same time that the oil markets did, something that typically doesn’t work in this pair. If we can break above the 1.32 level, I feel that the buying continues.
Written by FX Empire