USD/CAD rose back above the 1.03 handle on Monday, only to fall back below it later in the session. The rebound that the oil markets saw certainly played a part in this, and the pair looks like it needs to bounce around between parity and the 1.03 level for a while. This should lead to range bound trading for the next few session, with those areas being some kind of “barrier” in the meantime. Watch the oil markets – when they go up – this pair falls. When they fall – this one goes up.
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