The USD/CAD pair rose during the session on Monday, peeking back above the 1.03 level again. That being said, we still think that this market is basically range bound and aren’t overly impressed by this move. As far as selling is concerned though, there is obviously support below, so quite frankly we’re just going to ignore this pair for the time being. However, if we get a move above the 1.0450 level, we would consider this pair broken out to the upside and start buying. As far as selling is concerned, we need to get below the 1.0250 level in order to see the 1.01 handle touched again.
Written by FX Empire