The USD/CAD pair rose during the session on Tuesday, breaking to the 1.0370 handle during the session. However, we still have to worry about the 1.04 handle as being significant resistance, so it does make sense that the pair has a bit of a fight on its hands. If we do somehow get a daily close above the 1.04 handle, we do feel that this pair continues to the 1.05 handle, and possibly higher. That being the case, we think that the pair is indeed bullish, but it does need to clear that hurdle in order for us to start buying.
Written by FX Empire