USD/CAD Flirts with 1.0950 Support Level

The USD/CAD has been on a steep decline, nearly 600 pips, that has only recently paused because of support from the 1.0950 level.

This is the second time the pair has encountered the 1.0950 level in recent trading, and with pair testing this level several times in the past, we can confirming that there is a substantial amount of strength at the 1.0950 support level.

However, even with the existence of a strong support level, the pair may be headed for deeper waters as the pair is heavily influenced by the price of oil. If the pair is able to continue its downward momentum and oil prices continue to rise, then the chance of a strong break below the 1.0950 is very possible.

Matthew Cherry
TradersChoiceFX - Forex Broker