The USD/CAD pair went back and forth during the session on Thursday, but eventually formed a hammer for the day. This suggests to us that the market is going to go higher, and that we will more than likely target of 1.03 level. Because of this, we are going to hang onto her USD/CAD longs, and aim for at least 1.04, if not a breakout of that larger consolidation area as well. As far as selling is concerned, we need to close below the 1.02 level to even consider it. Going forward, we think that the crumbling oil market will push this market higher.
Written by FX Empire