The USD/CAD pair has broke below the 0.96 level finally, but bounced towards the end of the day showing signs of support. The pair still looks bearish, and should continue to be so as long as energy, and more specifically oil – continues to rise in value. The bulls are all but gone, and a strong reversal above the 0.97 mark would have to be seen to even consider buying this pair. Selling on the rallies is the preferred strategy at the moment.
Originally posted here
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