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As we have been noticing over the last several days, the USD/CAD pair simply won’t budge off of the 0.97 mark, the last bit of support between here an 0.90, the all-time lows in this pair. Certainly this has everything to do with oil prices, and shall be determined by that very fact.
The ability for this pair to simply sit here tells us that it really wants to break down. All that is needed is a catalyst, which is sure to happen sooner or later. Any longs at this point would be followed by very tight stops, as this pair is in a 50 pip range at the moment. (0.9700 to 0.9750) Shorts need to wait for a break below the 0.97 level.
