The USD/CAD pair has been going sideways with a slightly downward bias over the last couple of sessions, and Wednesday of course was no different. However, we do not feel that this market is going to break down significantly, rather we believe that there should be a significant amount of support down towards the 1.04 handle. In fact, that is the move that we are counting on in order to be able to enter this market at a better price. Alternately, if we managed to break above the 1.06 handle, we think this market could go as high as 1.10 in the near-term.
Written by FX Empire