The USD/CAD pair fell hard during the session on Thursday as the “risk on” trade came roaring into the markets. The pair has broken the bottom of a hammer from the Wednesday session, and as luck would have it – the highs from the Wednesday session wasn’t breaking – keeping us out of the long trade.
The close of the session for the Thursday market closed at the very lows for the day, and because of this it looks like the pair is ready to sell off some more. In fact, we are ready to sell if the lows for Thursday get broken. As for buying, this market suddenly looks as if it can be.