The USD/CAD pair shot straight through the resistance of the 1.0050 level that we had been watching on Friday. This area was significant in its magnitude, and the fact that we sliced through so effortlessly is indeed impressive. Is because of this that we will begin to watch this pair very closely as we need to see some type of support in the general vicinity of 1.0050 in order to start buying. Alternately, if we do manage to break the top of the candle for the Friday session, that would be a bullish sign as well. As for selling, we would be very hesitant to do so at this point time is it does look like serious strength the starting to come into the marketplace. This is even more impressive when you take into account that oil markets are in rally mode.
Written by FX Empire