The USD/CAD pair initially rallied during the course of the session on Monday, but gave back some of the gains. By doing so, this is a market that seems to really have no conviction at all. Because of this, we simply are standing on the sidelines and aren’t overly interested in trading this currency pair the moment. We could possibly get some type of signal to start buying or selling, but at this point time we believe that simple consolidation and choppiness will continue to be the way going forward in this market.
