The USD/CAD pair tried to rally during the session on Tuesday, but as you can see ran into enough trouble just below the 1.04 level in order to keep the rally from going anywhere. At the end of the day, we believe that this market continues to struggle in this general vicinity and will eventually breakout, but we think that it’s going to take a bit of a headline shot or something. As far as selling is concerned, we feel that going all the way down to the 1.03 level, there is going to be massive support and it’s almost impossible to imagine doing so.
Written by FX Empire