USD/CAD rose above the highs placed on Monday to give another buy signal during the Thursday session. The resulting candle was a hammer at the top of a bullish run. This can be either supportive, or a “hanging man†if it gives way. The trade on something like this is quite simple really: Sell on a break of the bottom of the Thursday range as it would confirm a “hanging manâ€, and buy at the break of the top if it happens. We still think the oil markets look a bit weak, and the CAD is highly dependent on oil to gain.
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