The USD/CAD pair initially fell during the day on Monday, but turned around to form a hammer like candle. As oil sold off, the Canadian dollar of course did as well. That being the case, looks as if we’re going to continue to try to break above the 1.35 level above. Once we do, we will reach towards the 1.36 handle after that. A move above there sets this market in a “buy-and-hold” attitude. I have no interest in selling, I believe the buyers will return on short-term pullbacks due to was going on in the oil market.
Written by FX Empire