The USD/CAD pair basically sat still during the session on Monday as the Americans celebrated Veterans Day. This market is heavily skewed towards trading during the North American session, so this really should have been much of a surprise. We find ourselves sitting at the parity level, and this of course is a major level for this pair.
We still believe in the bullishness of this market, but need to see the 1.0050 level broken to the upside in order to start buying. Until then, we will simply hold and sit still until given a sign to do otherwise. As for selling, we are not keen on doing so until we break well below the 0.99 handle.
Written by FX Empire