USD/CAD had a relatively quiet session on Tuesday, as the range tightened. We are currently sitting just above the 1.0250 level, an area that has offered minor support lately. However, if you have been listening to our videos, you know that we are hoping for a bit of a pullback in order to start buying again. Looking at this chart, we can see that the 1.01 level is an important area as a triangle broke out from that level. It is not been retested for support, so going back to that level would be very desirable if we get the chance. Otherwise, if we managed to find some type of supportive candle between now and then, we would be willing to go along as well. Alternately, if we managed to break above the 1.04 level, we would have to admit that the momentum has just taken off again.
Written by FX Empire