The USD/CAD pair went back and forth during the Thursday session, but managed to find weakness in the end as we printed a shooting star looking candle. This candle suggests that we are going lower, and as a result we think the bearish pressure continues. The 0.99 level should continue to offer significant resistance, and as a result we will more than likely stay underneath that for the foreseeable future. A break below the 0.98 level would be massively bearish, and have us selling this pair hand over fist. The oil markets may come into play, but it should be noted that the light sweet crude market broke out during the session on Thursday, and this is normally good for the Canadian dollar.
Written by FX Empire