The USD/CAD pair had a slightly positive session on Tuesday, proving the 1.06 level to be supportive. However, the markets were closed on Wednesday, so we can only look at the longer-term picture. Right now, it appears the market is trying to bounce around between the 1.06 level on the bottom, and the 1.07 level on the top. With that being said, we think consolidation will continue, but with an upward bias. That upward bias has us buying this pair, and not selling it. We ultimately believe this market goes to the 1.10 level.
Written by FX Empire