The USD/CAD pair fell during the session on Wednesday, proving the 1.05 level to be tough resistance after all. However, we do see quite a bit of support down 1.04, so we feel that this market is simply trying to grind itself sideways in order to pick up enough momentum to breakout to the upside again. With that being the case, we feel that this market is a short-term traders market at best, which of course will be heavily influenced by the oil markets as per usual. Selling is not an option to us though, we simply don’t see enough room to move.
Written by FX Empire