The USD/CAD pair rose during the Wednesday session as the safe haven trade was back on. The oil markets fell, and this also pushed the price of the CAD down across the board. The pair went straight up to the 1.02 level, which is the start of a resistance area that goes all the way up to the 1.03 area as well. The parity level held quite nicely as support as we suggested it could, and now the real question could be the 1.03 area. If we can get above that area, we could see significant gains in this pair. We are interested in buying, as long as the market can close above 1.03 on a daily chart. Selling can’t be done until we close below the parity level on the daily chart.
Written by FX Empire