The USD/CAD pair fell during the session after initially trying to rally. The 1.00 level below still offers a “trigger” for more sell orders, and as you can see the market simply is grinding at this point. We believe that the oil markets will have to be watched as well, as the value of oil greatly influences the value of the Canadian dollar. We think that the latest selloff certainly has put more of a bearish tone in this market, and as a result we are looking for sell signals, and not interested in buying at this point in time.
Written by FX Empire