The USD/CAD pair initially fell on Friday, but as you can see the 1.06 level exerted is influence again, pushing the markets much higher. We ultimately closed above the 1.07 handle, and as a result we think this market is trying to break out at this point. A move above the recent highs would be more than enough for us to start buying, and we would fully expect to see this market go to the 1.10 level given enough time. Selling is not an option at this point in time, and any fall from here should be an opportunity to start buying again.
Written by FX Empire