The USD/CAD pair tried to rally during the session on Monday, but as you can see pullback enough to form a shooting star. This shooting star is pretty wicked looking, and as a result we believe that the market needs to pull back in order to build up enough momentum to breakout to the upside. The above resistance. Ends at the 1.06 handle is best we can tell, and as a result we believe that the market needs to pick up more buyers in order to break through that thick zone. If we can get above that level, we believe this market goes to the 1.10 handle. We have no interest in selling, and will look at any pullback as a simple buying opportunity.
Written by FX Empire