The USD/CAD pair fell during the session on Thursday again, to break down well below the 0.99 handle. This market looks extremely bearish, but it should be noted that is moving in relatively slow motion. Because of this, you have to be very patient in order to short this market.
As for buying this market, that is an even a thought at this point in time. It does look in fact that we are heading towards the 0.97 level, and as such we think that’s either you are short already or are late for the party. If that’s the case, we are going to pay attention to 0.97 and see if the supportive action there is enough to compel us to buy this market. If not, we think this opens the door to 0.95 in short order.
Written by FX Empire