USD/CAD sat still during the session on Monday as the oil markets also experienced very little in the way of action. The real volume will pick up after this week, so the markets could be a bit quiet going forward. The US dollar has been very resilient recently, a trend we expect to see continue. The parity to 0.99 levels below looks very supportive, and that level would have to be broken to the downside for us to consider selling this pair as there is so much congestion below current levels. The upside looks resistive at the 1.04 level, but the recent action has shown that the bulls come in and support this pair every time it falls. With this in mind, we are thinking that the best move is short-term scalps to the upside in this pair currently.
Written by FX Empire