The USD/CAD currency pair fell during the session on Thursday, testing the 1.03 level for support. Although we close the very bottom of the candle, it must be said that the market did stop at that general vicinity, and it does look like we could perhaps get some type of supportive action in this general vicinity.
If we do, we would be buyers at this point as we believe the market should be well supported. It will take a move above the 1.04 level in order to move much higher though, which could lead to a bit of a sideways chop in the meantime.
Written by FX Empire