The USD/CAD pair rose during the session on Tuesday, breaking the top of the hammer that had formed on Monday. The 1.04 level looks very supportive now, and as a result it does not surprise us that this market is going higher, and we do think it is eventually heading towards the 1.05 handle. Consolidation is something that this pair does quite often, and with nonfarm payroll coming on Friday we do not expect this market to make any major moves. However, this 100 PIP range should hold fairly true for the next several sessions.
Written by FX Empire