The USD/CAD pair fell, and then rose later in Friday trading as the market began to fear issues in Europe. While this isn’t necessary an indictment on the Canadian dollar, it was more a symptom of people simply wanting to buy the USD in general. The 0.97 area is still a massive cluster, and should be watched. For the time being, we can’t help but notice how much trouble this pair has staying above it for any length of time. If we break higher, we will look to sell again near parity. If we break lower – the trend continues and we are short. 0.97 is becoming more and more important in our eyes now.
The USD/CAD pair fell, and then rose later in Friday trading as the market began to fear issues in Europe. While this isn’t necessary an indictment on the Canadian dollar, it was more a symptom of people simply wanting to buy the USD in general. The 0.97 area is still a massive cluster, and should be watched. For the time being, we can’t help but notice how much trouble this pair has staying above it for any length of time. If we break higher, we will look to sell again near parity. If we break lower – the trend continues and we are short. 0.97 is becoming more and more important in our eyes now.
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