By ForexMansion.com
Looking at the Canadian dollar against the US dollar, you can see that we have fell in this pair over the course of the last 24 hours. This was predicted as the parity level should be significant resistance. However, based upon today’s trading it looks like the 0.98 handle will serve as decent support again. Because of this, it appears that this pair has entered a consolidation zone that we knew from the beginning of the year: the 1.0000 to 0.9800 area. It should be a scalper’s delight for the next few trading sessions with both of those levels holding intact. Unless we can get above the 1.0000 level, all longs in this pair should be accompanied by a tight stop.
