The USD/CAD pair tried to rally during the session on Monday, but gave back most of the gains. We seem mired in some type of stagnant situation around the 1.03 handle, and as a result we are not overly enthused about this market. The candle shape for the Monday session of course is a shooting star, so it could suggest that were going to fall from here, but quite frankly there so much support below it’s difficult to start selling. In the end, we think this market continues to go sideways with maybe a slightly negative bias, but not enough to get us involved.
Written by FX Empire