Nick Nasad
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USD/CAD: Are Ranging Condition Short-Term Accumulation?

The USD/CAD pair is caught in a range over the last 3 trading sessions, bouncing between 1.1035 and 1.1110.

  • The pair had managed to reach the 1.1225 area prior to sliding towards the end of last week, and this consolidation period may be a period of accumulation that is followed by a break higher.
  • There may be one more reaction to the resistance levels before there is a push back to the highs set last week.
  • The supports that came in around 1.1050 got back to January 27th, and therefore have extra weight (orders clustered there).