The USD/CAD pair fell during the session on Tuesday, but as you can see as we start to trade in 2014, we will be approaching the 1.06 level. This area has been supportive recently, and the bottom of a consolidation area that we have been paying close attention to. With that being the case, we feel that supportive candles could come into play in this general vicinity, and that supportive candle will be a single thrust to start buying again. We would expect to see the 1.07 level be resistive as well, so therefore we could set up for a shorter term trade.
Written by FX Empire