The USD/CAD pair fell during the session on Friday, but the overall action looks supportive all of the sudden. The 0.99 level looks very supportive at this point, and the weekly chart looks as if it is going to bounce from this level. The pair is massively oversold at this point, and we think that the shooting star on the oil weekly chart (Light Sweet Crude) suggests that the Canadian dollar is about to weaken. With this in mind, we are willing to buy this pair on a break above the Friday highs for a shorter-term trade.
Written by FX Empire