The USD/CAD pair trying to rally yet again during the session on Wednesday, but as you can see formed another bearish candle. This shows just how much this pair is struggling to gain and now shows it as a “sell the rallies” type of pair. Because of this, we feel that if you are looking to trade this pair, it must be to the downside at this point. The Canadian dollar appears to be picking up steam, as the oil markets have been heating up. As long as there are no financial shocks out there, we believe that this pair will continue to grind lower and try to find the 0.9950 level.
Written by FX Empire