The USD/CAD pair went back and forth on Friday, and formed a shooting star in the end. However, we are sitting just above the 1.03 support level, and as a result we may not get the bearish action that people would typically expect out of this type of candlestick. Because of this, we think that this is a “wait and see” type of situation, but a move above the top of the session high on Thursday would be a buy signal in this market. As for shorting this market is concerned, it will be difficult to do until we break the 1.02 level as there is so much noise between here and there.
Written by FX Empire