The USD/CAD pair initially fell during the session on Wednesday, but as you can see bounced enough to form a bit of a hammer. This hammer suggests that we are going to see continued support just below, and we still think that the 1.01 level is significant as well. Because of this, we believe that this market will continue higher, but should recognize that the nonfarm payroll numbers coming out on Friday will certainly move this market. Because of this, we will be buying a break of the Wednesday highs, or somewhere lower as long as we can stay above the 1.01 level convincingly.
Written by FX Empire