The USD/CAD pair fell fairly hard on the session for Monday, even as oil dropped. The market had originally gapped slightly and rose, but the overall attitude came back into play as the pair approached the parity level. This area has been very resistive, and looks set to continue to fight the bulls. The market has a definite support level at 0.98 though, so we think this pair remains range bound. With this in mind, we prefer selling as the trend tells us to. We sell the break of the lows for the Monday session, and aim for the lows of the range close to the 0.98 handle.
Written by FX Empire