The USD/CAD pair had an uneventful session on Wednesday as the markets continued to grind sideways. The oil markets were also fairly quiet, so this pair was always going nowhere at the end of the day.

The 1.02 level below should continue to be supportive, and the 1.03 level should be resistive. The daily close below 1.02 would be our signal to start selling this pair. However, the 1.03 level being broken above is our signal to buy. In the meantime, we expect a bit of sideways action. Watching the oil markets for a “heads up” is going to be crucial as well.