The USD/CAD pair fell during the bulk of the session on Tuesday, but as you can see found enough support near the 1.03 handle in order to bounce and form a nice looking hammer. This hammer of course suggests that there is significant support in this general vicinity, but at this point time we feel that this market may be a little bit quiet until we get the Friday jobs report out of the United States. That being the case though, we feel that any upside move would be capped by the 1.04 handle. With that in mind, we are fairly neutral with a slightly upward bias in this pair.
Written by FX Empire