The USD/CAD pair fell during the session as the markets originally ran away from the US dollar. However, the “risk off” trade came back into play towards the end of the session, and the market bounced quite a bit from the lows. The daily candle isn’t quite a hammer, but it shows the same thought process – a failed attempt at breaking down. With this in mind, a scalping situation continues in this pair as the support below is simply massive. The 1.01 level above has to be broken in order to go long in this pair for more than a quick scalp.
Written by FX Empire