The USD/CAD pair rose during the session on Tuesday, for the second day in a row. This of course is a very strong sign, except for the fact that we are currently stuck in what we consider to be a 200 point consolidation area. It isn’t until we get above the 1.0450 level that we are comfortable going long of this pair, because it would show a significant breakout. On the other hand, as far as shorting is concerned we would have to see a break below the 1.0250 level in order to be comfortable doing that. In the meantime, expect a lot of back-and-forth listless action.
Written by FX Empire