The USD/CAD pair had a slightly positive session during the low liquidity Friday trading hours, but remains underneath the 1.02 level. However, we ultimately believe that this pair needs to pull back to the 1.01 handle, and retest it as support. That level was the site of a massive breakout back in mid-February, and as a result we feel that this level should now be massively supportive. If that’s the case, that opens the gates for a run to the 1.04 handle in our opinion, and we would be more than willing to take it. On the other hand, if we managed to close significantly below the 1.01 handle on a daily candle, we think the momentum would be busted and we could go much lower.
Written by FX Empire