The USD/CAD pair fell on Monday as the oil markets perked back up. The pair has been stuck in consolidation lately, capped by the parity level on the upside, and the 0.9850 level on the lower part.
In fact, there are many support levels in which to pay attention to below us, as it is because of this that we think this market could bounce again. In this type of environment, we prefer to trade in the same direction as the overall trend, which means selling. However, we don’t see large trades forming. We are presently selling every time we reach the parity level. Selling at this point isn’t advisable as the support levels are too great below.
Written by FX Empire