The USD/CAD pair fell during the session on Friday, after first gaining. The better-than-expected nonfarm payroll number out of the United States of course gave steam for this breakdown, as the Canadian dollar tends to do well on a good US employment report. The 1.01 level has now been broken down below, and as a result we think that the next target will be the parity level. Below parity, we could really start to fall apart at that point. As far as buying is concerned, we have no interest in doing so right now as we have no real by signals.
Written by FX Empire