The USD/CAD pair fell for a while on Tuesday, but then rose as traders sold off commodities and stocks in the late hours of the session. The Canadian dollar suffered as a result as it is considered a “risky” currency. The pair looks like it is set on trying to break to the parity level, but we are not convinced yet of the bullishness of it. The daily close above the 1.0050 mark is needed to be seen for us to buy, and selling is possible towards parity – but we need to see a weak candle in order to do so. For the time being, we can only assume that the consolidation area will remain intact.
About the FX Empire:
Readers of FX Empire have made clear it’s their first stop for daily and weekly news and analysis. The FX Empire proudly delivers technical analyses, fundamental analyses, Forex news, broker reviews and more; keeping our readers the best informed in the industry.
Check out the latest Brokers Reviews by FX Empire: Plus500 Review, AVA FX Review, Markets.com Review.
We are proud to announce that FX Empire is now available in more languages: Norsk – Forex-meklere, Dansk – Forex Mæglere, Eλληνικά – Χρηματιστές Forex, Português – Corretoras Forex and Türkçe – Forex Broker’leri.
