By FXEmpire.com
The USD/CAD pair initially rose during the Tuesday session, but then fell to form a shooting star of sorts just above the 0.98 level. This crucial support level needs to give way for this candle to be a confirmed sell signal, but the trend is in that direction so one has to like the odds. However, we are waiting to see if the pair can close below that level on the 4 hour chart before committing to new shorts. Buying isn’t an option until we break well above parity at this point. Watching oil markets will be crucial as it will more than likely be the catalyst to push this pair. If oil rises, the CAD will strengthen, driving this pair lower.
The FX Empire:
Dedicated to delivering the very best to its readers, FXEmpire.com stands committed to its reader. As such, everyday, we provide the highest quality, most timely and most actionable technical and fundamental analyses and news. Those and our broker reviews mean that we arm our readers, empowering them to make, for themselves, the best financial decisions.
Check out the latest Brokers Reviews by FX Empire: Oanda Review, Saxo Bank Review.
In depth, timely and accurate technical analyses, fundamental analyses and Forex news and Forex broker reviews are available within the FX Empire.
