The USD/CAD pair went back and forth on Monday, ultimately printing a positive candle. At the end of the day, it does look like the markets going to stay within the consolidation zone though, and that’s something that we expect to see until the nonfarm payroll number comes out. After all, these two economies are highly intertwined, and the Canadian economy is definitely affected by employment numbers in the United States as the Canadians send 85% of their exports down to America. With that being the case, unless you are short-term trader, there’s probably not much to do until we break out above the 1.07 handle, which should have is heading towards the 1.10 level.
Written by FX Empire