The USD/CAD pair initially fell during the session on Tuesday, but bounced enough to form a positive candle, and broke to a fresh new high. Because of this, we do believe that this pair is going to eventually hit the 1.05 handle, and then possibly the test of the 1.06 handle. Is above the 1.06 handle that we see the market really taken out to the upside, and probably heading to the 1.10 level. In the meantime, pullback should offer plenty of buying opportunities on the short term charts as there seems to be a significant amount of support below.
Written by FX Empire