The USD/CAD pair fell from the parity level on Wednesday as the resistance held true. However, there is a ton of support below, and at varying levels all the way down to the 0.97 handle. With this in mind, we have been waiting for a breakout above the 1.01 level, or a breakdown below the 0.97 level. At this point, it looks as if the pair is willing to consolidate in the tight range it has been stuck in over the last month or so. With this in mind, we will pass, knowing that the Non-Farm Payrolls number on Friday will more than likely be important to this market, and we may go nowhere fast before then.
Written by FX Empire