The USD/CAD pair fell significantly during the Wednesday session as oil prices got a bit of a boost at the $88 level. We find this pair sitting right at the 1.0150 level, which was an area of focus in the recent past. However, we see so many breaks of support and resistance recently that this pair looks sloppy at best.
Because of this, and the fact that the oil markets are being jerked around by headline risks out there, we feel this market will be almost impossible to trade in the short term. Because of the erratic nature of the moves, we are staying out of this pair for the moment.
Written by FX Empire