USD/CAD pair fell during the session on Monday, but as you can see found enough support just above the 1.04 level. The resulting hammer suggests that the market is going to continue to consolidate in this general vicinity, and as a result we are bullish of this pair for the short-term. However, we recognize that the 1.05 level is significant resistance, and because of that we think that this trade will be good for about 50 pips. This is a day traders type of market, and will be until we get above the 1.05 handle on a daily close.
Written by FX Empire