The USD/CAD pair rose during the session on Thursday, breaking above the 1.01 handle again. This essentially violated the top of the shooting star from the session on Wednesday, so this simply shows more confusion. This area should provide resistance, and the fact that today is nonfarm payroll Friday certainly won’t help. This particular market tends to be very sensitive to that announcement, and as a result a better than expected number will more than likely push his market higher. Having said that, taking a trade before that announcement is released is dangerous to say the least.
Written by FX Empire