The USD/CAD pair fell during the session on Monday, but as you can see bounced enough to form a hammer that closed just underneath the 1.06 level. We believe that the area that we are currently and is still supportive, and therefore break above the 1.06 level has us buying this pair again, and we believe alternately if we can get above the 1.07 handle, we think this market will rise to 1.10 level eventually. We do believe that’s happening in the end, but recognize the fact that in the current environment the market is going to be rather choppy.
Written by FX Empire