USD/CAD had a down day on the session for Monday, as traders piled into the oil markets. The pair seemed to focus on this during the session, and as such – the standard correlation between the value of the CAD and the value of the oil markets held up nicely. The oil markets look like they have a clear path for a few Dollars, so we think this pair will more than likely follow suit, and fall just a bit – and that gets us to the parity level. However, the level should be supportive, and as such – any shorts we could take now are of the scalping variety.
Written by FX Empire