The USD/CAD pair rose slightly during the session on Monday after initially dipping, but as you can see the market still remains tied up in a relatively tight trading range. Because of this, we feel that this market will eventually go higher, but in the end it should probably be a bit of a struggle as the two economies are so intertwined, and the oil markets are essentially out of control. That being the case, we do not like this pair, but we would have to start buying if we get above the 1.0450 level as it would show momentum picking up.
Written by FX Empire