The USD/CAD pair rose on Monday as the price of oil sat fairly still. The market is now entering the recent consolidation area of 0.99 to 1.0050 or so. This should offer a bit of resistance, but with the way the pair has acted lately, it is hard to think of any potential set up as nothing more than a short-term trade in the making.
The parity area all the way up to 1.01 is going to be resistive, so we aren’t ready to go long just yet. However, the support that we see from present levels all the way down to 0.97 makes us leery of selling either. Quite frankly, this isn’t a market that interests us at this point in time.
Written by FX Empire