The USD/CAD pair fell rather drastically during the session on Thursday after initially trying to rally. The market is cracking the 1.03 level as we write this story, so at this point in time it does look rather negative. However, we would need to see the 1.02 level cleared on a daily close in order to be convinced that we broke through all of the supportive action. If that happens, we could see a move down to parity rather quickly. Alternately, a supportive candle in this general vicinity could have us buying as well as we anticipated the 1.03 level would be very supportive anyway.
Written by FX Empire