The USD/ CAD pair rose during the session on Friday, to retest the previous support area for resistance. So far, it has held. This is certainly a reaction to the “risk off” attitude of the markets, and as a result we saw the Dollar strengthen. However, there is substantial amounts of headline risk out there for the oil markets, so this is a pair that you may choose to avoid in the meantime. The problems in the Middle East will continue to push around the price of oil, and as a result we think this pair should be just as erratic.
Written by FX Empire