The USD/CAD pair rose again during the Wednesday session as the oil markets fell. The inventory numbers out of America and this sent the oil markets lower. The Canadian dollar is always sensitive to oil prices, and as such this pair rose. The parity level above did keep prices down, and one has to remember that the 200 day EMA is just above the parity level as well. With all of these factors at play – we like selling this pair on the first sign of weakness at this level, and would even do so based upon shorter timeframes as this is a “perfect” spot for selling.
Written by FX Empire