The USD/CAD pair fell during most of the session on Monday, but managed to bounce back off of the support zone in the 0.99 region, and as a result we now have a hammer for the session. This suggests to us that we are heading back towards the top of the recent consolidation area, and should see a parity print soon. With this in mind, we are willing to take a short-term position buy if we can get above the highs from the session on Monday. As for selling, we need to see a daily close below the 0.9875 level in order to do so.
Written by FX Empire