The USD/CAD pair fell significantly during the session on Monday, crashing through the 1.03 handle again. This area should offer quite a bit of support, and as you can see although the market fell below it, it could not clear it substantially. With that in mind, we will be looking for supportive candles in order to start buying again. Ultimately, this market will more than likely hinge upon what happens in the oil markets, and that of course has been extraordinarily choppy. As for shorting is concerned, we would not do so until we managed get below the 1.02 handle.
Written by FX Empire