The USD/CAD pair initially rallied on Monday, but just as we saw on Friday, the sellers came in and pushed the market back below the 1.34 handle. By breaking down below the bottom of the range for both Friday and Monday, the market should then drop towards the 1.33 level, or possibly even the 1.32 level after that. Alternately, if we can break above the top of the shooting star from Friday, the market should then reach towards the 1.35 handle after that. With the Canadian PMI numbers coming out today, we could get a bit of a reaction.
Written by FX Empire