The USD/CAD pair fell on Thursday as the “risk on” trade came back in anticipation of the Greek bond swap deal. The oil markets also rose a bit during the session, and the Canadian dollar found a bid because of it. The parity level still looks very resistive, and the supportive levels below are at 0.99, 0.98, 0.9750, and 0.97 as well. This doesn’t leave much room for error, so we are actually going to wait for a breakout above the 1.01 level, or a breakdown below the 0.97 level. Until then, this pair will be very choppy as it bounces around from one level to another.
Written by FX Empire