USD/CAD fell for the Wednesday session as the Dollar got hit around the world. The “risk on” scenario came back into play, and people bought many of the “riskier” currencies. However, the pair is currently at the bottom of a massive symmetrical triangle that has support below at 1.01 as well. Because of this, the pair looks much supported at this point.
On a daily close below the triangle, we still would have to wait…..until the pair can break below the 0.99 level as it is the bottom of support. The pair will rise if there are bad headlines coming out, which seems to happen all the time. We are willing to buy on supportive action at this point, but are very aware of the downward pressures.