The USD/CAD pair fell during the Thursday session as traders pushed the market down below the parity level. The market continues to be pushed around by the oil markets, and will certainly be so for the near future. For what it’s worth, the oil markets are starting to look a little tired at this point.
The daily candle for Thursday ended up as a hammer, showing real support coming into the market. The pair is hanging on by a thread, but the candle is very supportive at the moment. Because of this, we are willing to buy a break of the top of the hammer, and we would sell a break of the bottom of the hammer.
Written by FX Empire