By FXEmpire.com

USD/CAD rose on Wednesday as traders ran from anything even remotely risk related, and the CAD suffered as a result. It should be noted that we stopped at the 0.9920 level, and that since then, we are pulling back. The trend is down, and as such we feel this will still be a “sell the rally” pair until we close above parity. The pair looks set to consolidate between parity and 0.98 for a while, which this pair can do. It often consolidates in tight ranges, and then breaks hard in one direction or another. We still prefer selling when the set ups arrive. At the moment, it is a scalper’s market.


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