USD/CAD shot straight up on Thursday as traders sold off the oil markets globally. The CAD is highly sensitive to the price of oil, and the fact that the world was buying Dollars suddenly makes this pair a great buy. The pair is known for making violent moves after consolidating for long periods of time. It appears that we are ready to really get moving now, and that the parity level should be a bit of a floor. 1.03 is a resistive area, but the writing seems to be on the wall. We would love to see a pullback and a supportive candle on the 4 hour above the parity level to get us buying for a larger move.
FXEmpire.com:
FX Empire is firmly dedicated to strengthening our readers’ knowledge of the minute-to-minute happenings in the Forex market. Delivering daily and weekly technical analyses, fundamental analyses and news, alongside our expert broker reviews, our readers are always in the know.
Check out the latest Brokers Reviews by FX Empire: Forex Club Review, ForexYard Review, FX Primus Review.
