USD/CAD fell initially during the day on Tuesday, but found enough support underneath to turn things around and form a hammer. It looks as if we are trying to break out to the upside and with the Crude Oil Inventories announcement coming out today, the oil market will certainly be influential. I believe that the 1.35 level above should continue to be a barrier, and thus it’s more than likely going to need a bit of a pullback to get above there. I think the 1.33 level below is massively supportive going forward.
Written by FX Empire