The USD/CAD pair fell during the session on Wednesday, but remains above the 1.04 handle which of course is very supportive. That being the case, we feel that this market more than likely will bounce, and it doesn’t surprise us that this market may grind sideways overall because of the nonfarm payroll number coming out on Friday. After all, the USD/CAD pair tends to be very sensitive to that market moving event, and as a result we think that short-term traders may be able to take advantage of the support in the 1.04 region, but would not recommend hanging on for anything more than a scalp.
Written by FX Empire