The USD/CAD currency pair fell during the session on Tuesday as the 200 day moving average offers resistance. However, the 0.9900 level is support and we have to see whether or not we are going to break to the upside, or the downside of this general vicinity.
We look at this area as a 100 pips wide region of confluence, and as such we need to break significantly below 0.9900, or significantly above 1.0000 in order to place a trade with any confidence right now. As such, we are waiting for a serious breakout or break down in order to get involved.
Written by FX Empire