USD/CAD shot straight up during the Thursday session as the “risk off” trade continued. The oil markets still look weak, but they are starting to stabilize just slightly. This pair hasn’t shown signs of slowing down, and it now should be obvious to all that it has broken out. The 1.01 level was the mark for us to go long, and we will remain so and aiming for the 1.03 level next. The risk appetite is collapsing out there, and the US dollar is certainly one of the most wanted currencies at the moment. As long as that is the case – we simply cannot sell. If we get a pullback in this market, supportive candles all the way to parity should provide buying opportunities.
Written by FX Empire