The USD/CAD pair bounced off of the 1.01 handle on Friday to form a relatively bullish looking candle. This pair looks like one that simply wants to bounce around between 1.01 and 1.02 for the meantime. With that being the case, we think this will be a scalper’s type of market, and as a result we are very reluctant to get involved in this market as it will be choppy to say the least. However, if we managed to break down significantly below the 1.01 handle on a daily close, we would be sellers. On the other hand, a move above the 1.02 handle on a daily close has buying.
Written by FX Empire