By FXEmpire.com
The USD/CAD pair had a very funky week to say the least. The pair currently sits just above the 1.02 level, and has been tracking oil quite well over the last several sessions. The oil markets are going to be the real signal you need to pay attention to if you choose to trade this pair. The Canadian dollar is simply far too tied to the fortunes of the oil markets to ignore, and as the oil markets are and a very massive support level, oil will need to give way in order for this pair to continue to rise.
The headline risks are certainly to the benefit of the dollar and not oil, suggesting that any rise in this pair will more than likely the headline driven. However, we do not see an argument for the global growth story, and are looking to buy some type of supportive candle in order to get long. Alternately, we would buy a break of the top of last week’s range.
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Originally posted here
