The US dollar rose slightly against the Canadian dollar during the session on Wednesday, as we continue the upward channel. However, we have recently seen a massive move in favor the Canadian dollar so I think that it’s only a matter of time before the sellers come back. While I do not see a selling opportunity yet, I am hesitant to go long of a market that has broken down so significantly in the recent past, and of course with the Bank of Canada looking to tighten its monetary policy, I think it’s only a matter of time before the sellers return.
Written by FX Empire