The USD/CAD pair initially fell during the session on Thursday, but got enough of a bounce just above the 1.0550 level in order to shoot much higher, and go back above the 1.06 handle. The highs of the session were near the 1.0650 level, but that area did in fact offer enough resistance to keep the sellers back just a bit. However, we think eventually we will hit the 1.07 handle, which is the top of the recent consolidation area. If we can get above the 1.07 level, we think this market will eventually head to the 1.10 level.
Written by FX Empire