The USD/CAD pair fell during the session on Monday, breaking through the 1.04 handle. The market looks like it is trying to dig into the support area below, but that being the case we feel that waiting for supportive candle is probably the best way to go going forward. After all, there is significant support all the way down to the 1.0250 level, and because of that we think that it’s difficult to sell in this general vicinity. Watch the oil markets, they will have a massive effect on this pair as well, and of course the Federal Reserve will too.
Written by FX Empire