The USD/CAD pair broke higher during the Tuesday session as the parity level continues older support. We believe that this market is trying to grind higher, and a break above the 1.0050 handle has as buying this market and aiming for the 1.04 level. This would simply be a return to the previous consolidation area that we saw for so many months, so while it sounds aggressive, we do not feel it is an aggressive call. Because of this, we are looking to buy on supportive candles or that breakout above the 1.0050 level, and are not interested in selling until we get down below the support “zone” which we feel in somewhere around 0.9880 or sell.
Written by FX Empire