The USD/CAD pair rose during the session on Wednesday, as we have now cleared the 1.0450 level in order to start buying. The buy signal at this point in time is a simple break of the highs from the Wednesday session, which should see this pair going much higher. In the end though, we think that oil markets will determine where this market goes as well, not to mention at the very least the Federal Reserve. That being the case, we expect a lot of choppiness but it does appear that we have broken out to the upside at this point.
Written by FX Empire