The USD/CAD pair fell somewhat significantly during the Wednesday session as the markets continue to look for yield. However, the pair is still above the 0.98 handle, and it is below there that we feel comfortable selling as the market will often react at these large handles. With this being said, the pair is looking more and more bearish, and if we get a close below the 0.98 level on the daily chart, we would be selling at that point. As for buying, we would need to see a supportive candle that led us to believe that we were reentering the consolidation area again.
Written by FX Empire