The USD/CAD pair went back and forth during the session on Friday, but remains supported by the 1.04 level. This area looks like it’s going to support the market going forward, and as a result we are not surprised at all if this market does head back towards the 1.05 handle. We think it will be choppy though, and as a result we are a bit cautious about getting involved. Below the 1.04 level, we see quite a bit of support all the way down to the 1.03 handle. Because of that, we are not interested in selling at the moment.
Written by FX Empire