The USD/CAD pair fell on Monday, only to bounce again and produce a hammer in the vicinity of the parity mark. The pair has been very messy lately, and we see the 1.01 level as a resistance point that the pair will have to contend with in the near term if we are to get bullish momentum going. The pair continues to see support all the way down to the 0.9750 level, and with all of the choppiness that the pair has seen lately it is hard to find anything more than a scalp in this market at the moment. We are willing to buy this market above 1.01, but will stay flat until that point in time. Selling isn’t agreeable until we get below the 0.9750 level.
Written by FX Empire