USD/CAD rose on Friday as the “risk off” trade came back into play. The pair has been very choppy lately, and we are still stuck in the range that has been causing all of the problems. With the oil markets being so choppy, we expect this pair to remain so as well.
We would like to buy above the 1.01 level, but the recent action has us thinking that it might be a bit of a struggle to get there. The selling of this pair isn’t an “all clear” signal until we see 0.9750 give way. Between those levels – we see nothing but choppiness.
Written by FX Empire