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USDCAD Following upward channel | June 1, 2017



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USDCAD pair initially down slightly during London session, but bounced back strongly and then broke above the 1.35 handle. The market looks to make a fresh new high, especially above the 1.3540 level. This pair should continue to see buying opportunities in future. Oil price is falling which is very negative for the Canadian dollar, sending this pair higher. Buyers are ready to enter this market.

However, I am not looking in shorting this market until we break down below the 1.3430 handle. There is a good chance to pull back on this pair targeting 1.3600 level. So, we can look for the upward channel as we can see on the chart. 



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