The USD/CAD spiked during the session on Tuesday as traders bought into the safety trade. At the same time, the oil markets recovered to build up an attempt at the $100 mark, which is very supportive for the CAD in general. As a result, we ended up with a shooting star for the session. The pair is at the top of the very tight range it has been in, and as a result we think this pair falls again, but only for a short fall. The pair simply has become a scalper’s market, being framed by parity and the 1.02 levels.
Written by FX Empire