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Colin First
USDCAD Thursday

The USDCAD pair has been moving near the highs of its trading range over the past several days and continues to do so. It doe not seem to have been impacted by the developments over the past few days which have caused the dollar to swing back and forth and this seems to be one pair where the uptrend seems to be intact.

USDCAD In Range

But the uptrend has been slow and steady and we have not been able to see any violent or quick moves as such. The bulls are currently struggling to overcome the region around 1.30 and this is likely to hold them up for the short term. We have had the mandatory correction back to the 1.28 region over the last few days but the trend being intact, we are now seeing the prices back to the top of the range looking to break through the important 1.30 region. We would advise the traders to either wait or a breakout through the highs of the range or another correction lower to load the longs.

USDCAD Hourly

The traders have been seeing the BOC become increasingly quiet due to the political developments and also due to the incoming data from Canada. The central bank is usually hawkish but with the threat of trade war due to the actions of the US government on the horizon, they have been forced to adopt a wait and watch attitude to see what happens in the future. Also, the incoming data from Canada has not been as strong as they would have liked and this is one more reason for them to go slow.

Looking ahead to the rest of the day, we do not have any major news from Canada or the US and hence we can safely say that the consolidation and the ranging is likely to continue for today as well.

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