The USD/CAD pair fell during the session on Tuesday, but as you can see bounced enough to form a hammer. This hammer is right about where we expect to see support, right at the 1.03 handle. Because of this, we feel that this market will in fact bounce from here, but we don’t know whether or not the 1.04 level will act as resistance. In other words, we need to see this market break well above the 1.04 level in order to start buying this market again, but we do think that ultimately it will make it, we just don’t know how long it’s going to take.
Written by FX Empire