The USD/CAD pair fell most of Thursday, but found enough support by the end of the session to form a nice looking hammer. Because of the shape of this candle, we think that the pair is ready to continue going higher. The breaking of the highs from the Thursday session is enough to get us to start buying with a target of 1.0350 or so. It isn’t until we get clear of the 1.04 resistance area that we are comfortable holding onto a long position in this pair, as it would show momentum going higher.
Written by FX Empire