The USD/CAD pair bounced around below the 0.98 level during the session on Tuesday as the market tries to figure out its next move. We believe that the 0.98 level will be the epicenter of consolidation in the near-term, and as such we think that this market may be fairly tough to trade. Because of this, we have spread out are trading signals, and are looking to go long if and only if we get above the 0.9950 level as it suggests that we have broken resistance, or sell this pair if and only if we break the bottom of the hammer that was printed on Friday. Until then, we will not be bothered to trade this market.
Written by FX Empire