USD/CAD bounced on Friday as traders got rid of the “risk on” trade in droves. The bounce went straight to the 1.02 resistance level, and it looks like we could see consolidation at this point. The 1.03 above is going to be resistive, and we will need to see a break above that to buy this pair now. A pullback and support at parity could also get us buying too, especially if we form a hammer there. The pair looks likely to consolidate between 1.0000 and 1.0200 over the next few sessions, and even if we do break out to the upside, we need to see a daily close over the 1.03 level to buy. A daily close below parity is needed to sell at this point.
Written by FX Empire