The USD/CAD pair rose during the session as the “risk off” trade continued on Monday. Italian elections spooked traders around the world as the anti-austerity candidates did extraordinarily well. Now we have a sudden rush into safe assets, and without a doubt one of the safest ones is the US dollar as far as currency traders are concerned. Oil markets got absolutely slammed, and as a result this pair rising makes complete sense for the session. Also, we have to keep in mind that we have recently broken out above a significant resistance area, and we still have the target of 1.04 I had as far as we are concerned.
Written by FX Empire