USD/CAD fell slightly on the session for Tuesday as the oil markets caught a bid. The Canadian dollar will often catch a bid in concert with oil, which is precisely what happened for the session. However, the volume was light and the move very small. The area it currently trades in is in the center of massive support which will keep a cap on declines. The market has support all the way down to the 0.99 level, and as a result we are not shorting it. Having said that, we see no real supportive candles currently and are not buying this market either. We suspect sideways will be the move for the next several sessions.
Written by FX Empire