The USD/CAD pair went back and forth during the session on Monday, showing that the 1.08 area continues to be supportive. With this candle, it shows that the market is probably struggling to find any real direction at this moment. We are perfectly comfortable with being on the sidelines at this time, but recognize that a break above the highs for the session is a buying signal, just as a daily close below the 1.08 level is a sign that the markets going to continue down to the 1.06 handle.
