By FXEmpire.com
The USD/CAD pair skyrocketed during the week as the 1.01 barrier finally gave way. The oil markets are falling as well, and the large green candle for the week in this pair is a dead obvious signal that leaves little doubt about how the pair is acting.
The 1.01 level should be our support now, and this pair looks as if it wants to run to the 1.04 area going forward. Oil markets will be influential as well, so a break of the $90 level on the Light Sweet Crude contract would be a decent catalyst to the 1.04 area in this pair. As long as we are above the parity level, we feel this is a bullish pair for the short-term. As for selling, we need to see a sub-parity weekly close.
Click here to read USD/CAD Technical Analysis.
Originally posted here
