The USD/CAD pair fell during the session on Tuesday, breaking below the 1.01 handle for the first time in several weeks. Because of this, we feel that this market will continue much lower, and that we could see an attack on the parity handle fairly soon. With that being the case, we think that shorting this pair on rebounds will be the way to go going forward. We think this market could continue much lower, and the nonfarm payroll number on Friday will certainly have an effect on it. If we can manage to get down below the parity level, we think the next level that will be targeted will be the 0.97 handle.
Written by FX Empire