By FX Empire.com
USD/CAD shot up through the 1.05 level on Monday as traders continue to sell off riskier commodity currencies. The Canadian economy is heavily dependent on the US for exports, and as long as there is a measure of fear in the markets – this pair should continue to rise. Also, the oil markets will play a large part of this pair’s movement and with it falling – the CAD loses some of its luster. We believe the pair will continue to rise, and eventually test the monumental 1.0650 monthly resistance level. We prefer buying dips at this point.
Read more about Daily Technical Analysis here!
