The USD/CAD pair fell during the bulk of the session on Thursday, but found enough support just above the 1.06 handle in order to bounce and form a hammer. This hammer of course suggests that the area is going to hold steady as support, and perhaps keep the consolidation that we’ve seen recently. With that in mind, we think this market goes to the 1.07 handle, and should continue to look bullish overall in the short-term. A break above the 1.07 handle has this market looking for much higher levels, most notably the 1.10 level.
Written by FX Empire