The USD/CAD pair fell during the session on Tuesday, but managed to bounce enough from the bottom of the session in order to form a hammer. This hammer is suggestive of support below, and we do think that the 1.01 level could very well be a major support area. Because of this, we are willing to buy a break of the hammer’s top, or a pullback to the 1.01 level. If we get either one of those scenarios, we are willing to buy, and would not bother selling until we managed get below the 1.0070 level on a daily close.
Written by FX Empire