The USD/CAD pair rose during the session on Friday as the jobs number came out better than anticipated, but as you can see we gave back enough of the gains that we get back below the 1.05 handle. This area is resistive, but in the end we believe that this market will eventually pick up the momentum to break out and above that level. The real challenge comes a 1.060, as that is the gateway to the 1.10 handle, which would make for a much larger move. On the other hand, the 1.04 level is supportive, so we would be willing to buy a supportive candle in that general vicinity.
Written by FX Empire