The USD/CAD currency pair initially rose during the session on Wednesday, but fell in order to retest the lows of the session from Monday. From what we see, we still have a significant support level at the 0.99 handle, so we are not ready to start selling it. Sen. fact, the Tuesday session would have been an ideal hammer if it weren’t for the fact that the Monday session was an ideal shooting star for continuation. In other words, this pair is an absolute mess.
Until we break out above the 1.0050 level, we are going to have a hard time going long of this pair. Until we break down below the 0.9880 level, we are going to have a difficult time selling this pair as well. This pair simply looks like it’s ready to go sideways for the foreseeable future.
Written by FX Empire