The USD/CAD pair fell a little during the Wednesday session as the massive move got pulled back from the Tuesday rally. The parity level still serves as a pivot of sorts, and we only trade in the direction that we are from there – meaning that in this case, we like buying on signs of support or new highs. The 1.03 level will serve as resistance, but the market will certainly move on headline news, of which there will be quite a bunch of. The pair looks bullish as the breakout, pullback, and retest has signaled. However, the pair could be choppy as the price of oil can gretly effect the price of the CAD as well.
Written by FX Empire