The USD/CAD pair rose during the session on Thursday, testing the outer limits of resistance. This consolidation area looks like it’s getting ready to be broken above, and as a result a break above the highs from the Thursday session is more than enough of a reason for us to start going long. We believe that the market will run into more resistance at 1.06, but also recognize that a break above there since his market much higher, possibly as high as 1.10 over the longer term. Selling is no longer possible, and we look at any selloffs as potential buying opportunities.
Written by FX Empire