The USD/CAD pair went back and forth during the session on Wednesday, essentially printing a neutral candle. This is a very indecisive candle after a couple of hammers, so it appears of this market once the go higher, but something is stopping it. We believe that something is the nonfarm payroll number coming on Friday which normally has a massive effect on this particular pair. Nonetheless, even if we broke higher we feel that the 1.04 level will be resistive, and as a result we aren’t overly excited about going long at this moment anyways. A daily close above 1.04 would however the somewhat impressive.
Written by FX Empire