The USD/CAD pair fell slightly during the session on Monday, looking very much like a pair that wants to continue to consolidate in this general vicinity. We feel that there is a significant amount of support somewhere around the 1.02 handle, so we don’t think that necessarily this market is ready to break down. That being the case, we feel that this market will have a slightly negative bias over the short-term, but quite frankly it will really won’t do much as we continue to grind sideways. This is the nature of the pair, it typically go sideways for a minute or two, and it makes a sudden move.
Written by FX Empire