The USD/CAD pair fell during the bulk of the session on Thursday, but found the 1.06 handle supportive yet again. We believe this continues the consolidation pattern of 1.06 be in the bottom, while 1.07 or so is the top. If we can get a break higher, we think this market goes all the way to the 1.10 level. However, between now and nonfarm payroll numbers coming out next week, we think this market will continue to chop around in this consolidation area. That being said, expect sideways action and a short-term setups only.
Written by FX Empire