The USD/CAD pair had a strong showing during the session on Wednesday as the Bank of Canada issued a very dovish statement. However, you can see that we did not break above the recent highs of the 1.0350 range, and as a result we are still banging up against the ceiling. If we can get above the 1.04 level, this market could really take off at that point time. However, we are very cognizant of the fact that a pullback would be healthy as well, and as a result we are willing to buy supportive candles all the way down to the 1.01 level.
Written by FX Empire