The USD/CAD currency pair has been grinding away in a 100 pip range for her a couple of weeks now. However, during the Monday session we saw the market finally break above the recent highs, and as a result we did get our buy signal. Adding to the bullishness of this pair is the fact that the oil markets are presently melting down, so the Canadian dollar will more than likely suffer. Also, we should keep in mind that there is a central bank meeting in Canada in a couple of days, and that will more than likely influence the direction of this pair as well.
Written by FX Empire