The USD/CAD pair fell initially during the session on Friday, but bounced enough to form a hammer. This is the second hammer in a row, it looks like were ready to start taking off to the upside. The 1.03 level continues to be resistance, we think we can get over it and continue much higher. 1.04 will be much more significant, and it will be above there that the pair will really become bullish. In the meantime, we think of this more as a positive market, but with a lot of choppiness in the meantime.
Written by FX Empire