The USD/CAD pair fell during the day on Tuesday, breaking towards the 1.3250 level. However, the Crude Oil Inventories announcement coming out today of course will cause quite a bit of volatility. Ultimately, I believe that the buyers will continue to get involved, but right now it’s obvious that we are starting to see a bit of US dollar weakness overall and that of course is translating into this pair. The 1.35 level above should be massively resistive, so a break above there would of course be massive as far as bullish pressure is concerned.
Written by FX Empire