CAD Trade Strategy

USD/CAD trading remains quite choppy. The USD looked well-offered in late trade yesterday as it slid back to the 1.0475 area but the sell-off did not extend at all through the overnight session (38.2% retracement support of last week’s rally at 1.0473 held), allowing the market to recover modestly through European dealing earlier. The early trade in North America has been to retest the upper 1.04 zone but, again, follow through interest is lacking. We look at the drift back in spot from the upper 1.05 area over the past few days as a consolidation. The bull trend resumes above 1.0520 intraday for a retest of 1.0600/50. Short-term support is 1.0473 and 1.0445. Read the full report

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