USD/CAD rose drastically on Wednesday as traders sold off the oil markets. The 1.03 area was the most recent high in this pair, and proved to be resistive. Because of this, we want to buy – but must see a new high at this point. The pair seems intent on running higher, and looks very healthy at this point. However, there is no point in going long until we get confirmation as the totality of the move could see 1.10 before it is all said and done. We don’t sell this pair unless the oil markets break above the $90 mark in the Light Sweet Crude markets.
About the FX Empire:
The FX Empire is dedicated to providing the most expert and timely technical and fundamental analyses to our readers. Coupling those with our Forex broker overviews and our Forex news updates assists our readers in making the best possible financial decisions for themselves. Our readers are among the best informed in the market, everyday.
Check out the latest Brokers Reviews by FX Empire: bforex User Reviews, Citi FX Pro User Reviews, CMC Markets User Reviews.
Get your forex bonus no deposit here!
