USD/CAD fell on the Thursday session, falling far enough to find the recent lows in the 0.9850 area. The support area we have marked is between 0.98 and 0.97 as far as larger support, and as such – we feel that any continuation of this fall is going to be difficult to sell at this level. We would be sellers on a daily close under the 0.97 mark, and would aim for several handles at that point, with 0.9450 as our first target. We will be watching the oil markets, as demand for oil creates demand for Canadian dollars. If the oil markets can rally significantly, we will more than likely see this pair fall. If not, we stay in consolidation.
Written by FX Empire