The US dollar initially rallied against the Canadian dollar during the session on Friday, but found enough resistance at the 1.3350 level to turn things around and form a shooting star. Because of this, we may pull back but I think the 1.32 level will be massively supportive. Also, you have to keep an eye on the oil markets as they have such a huge influence on the Canadian dollar itself. With this in mind, I have no interest in shorting this market other than a short-term scalp, because I believe that longer-term we will not only reach towards 1.35, but we will break far above it.
Written by FX Empire