The USD/CAD pair shot higher during the session on Thursday, initially breaking above the 1.05 level. However, you can see that the market pulled back in order to close below that level and form a shooting star, which of course is a resistive sign. This market looks like it’s ready to pull back to the 1.04 handle, but that is a place where we expect to see plenty of support. At that area, we would expect to see a supportive candle that should offer nice buying opportunity as we continue to grind sideways.
Written by FX Empire