The USD/CAD fell hard on Tuesday, and tested the 0.98 level as traders bought oil markets during the day. The market has been held hostage over the last several weeks by the movements in the Brent and Light Sweet Crude markets, and looks to continue that trend. We are currently waiting for rallies to sell, but were looking for the parity level to be tested. If it does not, then we will look for other selling opportunities. We won’t buy against this massive downtrend.
Written by ForexMansion.com