The USD/CAD pair rose during the session on Thursday after forming a hammer on Wednesday. We are currently sitting at the parity level, and as such we think we are trying to build enough pressure to go higher. If we managed to break above the 1.0050 level, we would consider this a breakout is start buying aggressively.
This market previously had massive consolidation between the 0.99 handle and the 1.04 handle. Because of this, we are bullish above this latest high as we think we could grind back to the 1.04 level. As for selling, we will not do it unless we break the lows from Wednesday.
Written by FX Empire