The USD/CAD pair fell during the balance of the session on Monday, but as you can see the 1.06 level has offered support again. This area has been supportive several times now, and as a result we think that any type of supportive action should be bond as his pair should continue to bounce around between here and the 1.07 handle. With Christmas being tomorrow, we think that any bounce will probably be somewhat muted, but certainly the right direction to trade in. If we can ever get above the 1.07 handle for any length of time, this pair will head to the 1.10 level.
Written by FX Empire