The USD/CAD pair fell during the session on Thursday, but essentially went nowhere as we traded in a very tight range. The market will certainly be one of the more interesting ones to watch as it is a commodity influence market, and many of the commodities out there are at very interesting levels. However, we believe that the 1.01 level has to be broken to the upside in order to start buying this market going forward, so therefore it’s going to be much easier to sell this pair if we can break the lows of the session on Thursday. If this happens, we expect to see the 0.9950 level tested right away, followed by the 0.99 level in the 0.98 level.
Written by FX Empire