The USD/CAD pair did very little during the session on Monday, but when he did do was prove that the 1.04 level is going to be supportive again. After all, we did form a hammer, which is one of the most supportive signs that you can see in the marketplace. Adding to that supportive looking is the fact that the 1.04 level was previously resistance, and then turned into support recently. Because of this, we still feel this market goes higher, but need to see a break of the top of the hammer from the Monday session in order to start buying.
Written by FX Empire