The USD/CAD pair initially fell during the session on Wednesday, but rose towards the end of the day in order to form a slightly green candle. This market looks very sideways, and in fact we feel that the 0.99 level is going to be extraordinarily resistive in the near-term. However, the 0.98 level looks to be rather supportive as well, and has served as support more than once. Is because of this, that if we get a break below the 0.98 level on a daily close we think that this market would start to fall apart and aim towards 0.95. On the other side of that coin, if we managed to see bullish action we are not willing to start buying until we clear the 1.0050 level, because of all of the minor resistance areas just above.
Written by FX Empire