The USD/CAD pair rose above the parity level and even above our 1.0050 resistance level on Wednesday. The pair now looks like it wants to continue the march north, and as long as the global outlook remains weak, this could threaten the CAD and oil as well . (A bit of a double whammy) The pair is still going counter trend, but the pair will move rapidly when shocks to the economy become apparent. The highs are getting higher at this point, and we want to buy as long as we can stay above 1.0050 or so.
Written by FX Empire