The USD/CAD pair fell initially, but turned around after the Crude Oil Inventories announcement came out 8 times larger than anticipated. This sends this market looking towards the 1.35 handle, but we are bit overextended. Because of this, I’m looking for short-term pullbacks for buying opportunities based upon supportive candles. I have no interest in shorting this market, although I certainly think that we are a bit overdone currently. I now believe that the 1.33 level below will be massively supportive, and that eventually we will break out to the upside and continue the longer-term uptrend.
Written by FX Empire