The USD/CAD pair initially fell during the session on Tuesday, but as you can see bounced enough to break the 1.06 handle yet again, and form a bit of a hammer for the second day in a row. Because of this, we feel the pair is going to continue to go higher, and as a result we think that buying is the only thing that can be done. Keep in mind though that the FMOC’s meeting over the next two days, and that the pair will more than likely grind, and not shoot straight higher.
Written by FX Empire