The USD/CAD pair rose again during the session on Friday, breaking through the 1.04 handle finally. This is been an area that has been very resistive to this market, and as a result we feel that breaking out above that level is of course important. It should be stated however that there is a significant amount of resistance going all the way to the 1.05 handle, and thereby this makes us think that this pair will more than likely pull back and collect more buyers to push price higher. That being the case, we are looking for pullbacks to show signs of support in order to go long.
Written by FX Empire