The USD/CAD pair fell during the session on Friday, but as you can see bounced in order to form a hammer. This hammer is essentially revolving around the 1.03 level, and does look supportive. However, we need to see a pullback in this market as it has shot up so quickly. The weekly chart also suggests that we need to see a bit of a pullback, and we should see support at the 1.01 level. If we don’t get that pullback, we would be leery of going long of this pair until we managed to clear the 1.04 handle, which we see a significant resistance.
Written by FX Empire