The USD/CAD pair gained slightly during the session on Friday as the markets basically went nowhere. The oil markets of course will continue to drive this currency pair, but more importantly at this moment in time is the 0.98 handle.
In order for us to get bullish of this pair, we need to see the 0.9950 overtaken. It isn’t that area that we think we would enter the previous consolidation move again, and look for the 1.04 level as a target. However, we think that a break below the 0.97 level looks to be very bearish and could send this pair much lower. In the meantime, we think choppiness is to be expected.
Written by FX Empire