The USD/CAD pair rose during the session, but ended up almost unchanged by the end of Thursday. The pair is being moved around by the oil markets, and those commodity markets found a little bit of a bid during the day, and this gave the Canadian dollar a bit of a reprieve. The 1.03 level looks resistive and strong, so we are waiting to see a close above the level in order to go long again. As for selling, we won’t do this as we think a fall will simply be a pullback to the 1.01 level or so as the recent move is a bit overextended.
Written by FX Empire