The USD/CAD pair fell during the session on Wednesday in order to finally break down below the 0.99 level. This area had acted as support over the last week, but now has given way and it looks as if this pair is going to continue to grind lower until the 0.97 level where it will meet up with serious support.
We think that this pair is one that is worth selling at present levels, but are cognizant of the fact that the 0.97 could act as massive support. Because of this, we are basically aiming for that handle. If that level does give way however, this would open the door to 0.95 in a flash. As for buying this pair, this is simply no argument to be made for it.
Written by FX Empire