USD/CAD pair did very little on Thursday as the markets continue to try and figure out what is going on with the U.S. Congress and their fiscal cliff talks. With this being said, the 0.99 level looks rather supportive, and until we clear the 0.9880 level, we are not willing to sell. Alternately though, there is very little to encourage us to start buying until we get above the 1.0050 level. Simply put, this marketplace will more than likely grind around in a very tight range like we’ve seen recently. Until we get some type of move out of this consolidation area, we are on the sidelines.
Written by FX Empire