The USD/CAD pair gained for the session on Thursday as the “risk off trade came back into play. However, we see the 1.0150 level as resistive, and also recognize the fact that we are in a down trending channel. Because of this, we think that the combination of both the downtrend line, and the 1.0150-1.02 resistance level should keep the on any moves in this pair.
However, it has to be said that we have formed to hammers in a row. A short-term buying opportunity may be presenting itself, and a break of the highs from the Thursday session would be that trigger price. The nonfarm payroll numbers will of course have a great influence on with this market does, and as such we could have a choppy session.
Written by FX Empire