The USD/CAD pair went back and forth during the session on Monday, essentially going nowhere in the end. We find ourselves down near the 1.0250 handle, and as a result it looks like we are starting to form some type of support in this general vicinity. However, there is aptly nothing on this chart that suggests that we should be buying at this point. Quite contrary, if we managed to break the bottom of the lows for the Monday session, we think this market will go to the 1.01 handle eventually. Buying could be done, but we are much more comfortable above the 1.0450 level, which would be a complete round trip.
Written by FX Empire