The USD/CAD pair went back and forth on Monday, as we continue to see quite a bit of volatility in the oil markets. That obviously has a significant amount of influence on this market, and because of that I’m willing to sit on the sidelines for some clarity. Ultimately though, I do recognize that the uptrend line below should be massively supportive, so I do refer the upside. This will be especially true if the oil markets roll over, as it will put bearish pressure on the Canadian dollar. If we can break above the top of the range, I feel that the market will continue to reach towards the 1.35 handle.
Written by FX Empire