The USD/CAD pair had another bullish session on Thursday, but has fallen short of breaking above the 1.0050 handle that we used as a guide for direction. This latest move has been fairly parabolic, and it would’ve been predicated upon the idea that the Bank of Canada stated that interest rate hikes would be put on hold for longer than expected. Because of this, there is a possibility that this trend is trying to change, but there is a time of resistance just above and as a result we simply cannot go along at this point. With this being said, and the overall trend being so negative, we believe that the next candle were to will be very interesting and give us a much clearer signal than we have now.
Written by FX Empire