By FXEmpire.com
The USD/CAD pair fell and then rose on Monday, showing how much the markets lack conviction these days. The oil markets are playing havoc with the CAD, and the appreciation of said currency is simply difficult to do at this point. Because of this, we feel that the USD will rise against the CAD, but will not buy this pair until we close above the 1.0000 level as we see it as long-term resistance. A break below 0.9800 will have us shorting this pair, but until we get one of these two – we simply see this market as choppy and consolidating.
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: Easy-Forex Review, FineXO Review.
FXEmpire.com: your one-stop destination for forex technical analyses, forex fundamental analyses and Forex news and Forex broker overviews.
