The USD/CAD pair rose during the session on Monday, but it must be stated that the Memorial Day holiday was being celebrated in the United States, and since most of the trading in this marketplace takes place during the North American hours, it makes sense that the market would have been a bit illiquid. That being said, we had anticipated that the 1.03 level could be support, and in fact it was during the session. We need to see the 1.04 level broken to the upside in order to be comfortable buying, because at that point time we feel that this market will eventually hit the 1.10 level. As far as selling is concerned, we need to break down below the 1.02 level, as it is massive support between here and there.
Written by FX Empire