The USD/CAD pair rose during the session on Friday, but as you can see stays well within the consolidation area that we have been in over the last several sessions. That being the case, we feel that this market should continue to consolidate between 1.05 on the upside, and 1.04 on the downside. Because of this, we think this is the domain of short-term traders, but a move above the 1.05 level on the daily close would have us looking for 1.06, and then eventually the 1.10 handle. As far as selling is concerned, we think there is support all the way down to the 1.03 level even if you do break down the bottom of this recent consolidation.
Written by FX Empire