The USD/CAD pair rose during the session as oil fell. The pair reacted in a Dollar positive manner as many of the other currencies pair did the same. The parity level continues to offer resistance, and the 1.01 level will be even more so. The 0.99 level was broken as support, and now could also be resistance as well. The retesting of this level is common as far as technical analysis. The failure to break above it could send in more sellers. However, there are a lot of support levels below, and as such we don’t think this pair goes lower with serious choppiness. Because of this, we aren’t involved until we close below the 0.97 level on the daily chart to sell, or a daily close above the 1.01 level to buy.
Written by FX Empire