The USD/CAD pair gap lower at the open on Monday, but turned around to fill that gap immediately. We then found enough resistance to turn around and form a shooting star so I think a pullback is coming. That makes quite a bit of sense, we are overextended currently, but I would anticipate that the buyers are going to come back into the market sooner rather than later. The 1.33 level underneath should be the massive support that I think will turn this market around, but I also see the potential for 1.34 to be supportive as well. Eventually, anticipate that this market will break above the 1.35 level and reach towards 1.36.
Written by FX Empire