The USD/CAD pair initially tried to rally during the session on Friday, but as you can see pullback in crashed back into the 1.06 handle. This level of course is supportive, and we see support all the way down to the 1.05 level. Because of this, we feel that this market is well supported though, and would buy a supportive candle in this general region. However, it would not surprise us at all to see this market simply stay right in this general vicinity for the near-term as liquidity starts to drain from the marketplace due to the holiday season.
Written by FX Empire