The USD/CAD pair did very little during the day on Wednesday, which was a bit surprising considering that the oil markets took off to the upside after the EIA announcement. Because of this, I believe that we may see buyers enter the market given enough time. I would have to see some type of supportive daily candle or some type of breakout above the top of the range for the Tuesday session in order to start going long though. I believe there is a significant amount of support near the 1.33 handle underneath as well.
Written by FX Empire