The USD/CAD pair fell most of the session on Friday in order to retrace half of Thursday’s gains. The pair will be highly influenced by the oil markets, and the oil markets are currently testing serious support in the form of the $80 level. Currently, we prefer to buying the dollar as the global growth story seems to be weakening. With this being said, this pair should rise over time but we need to see the oil markets weekend to be truly confident. With all this being said a break above the Thursday and Friday highs would have us buying. As for selling, a break below Wednesday’s lows would be a decent sell signal to the parity level.
Written by FX Empire