FX.co ★ USDCAD has no clear direction

USDCAD has been moving sideways inside a trading range since early June. Price is moving between 1.37 and 1.35 and there is no clear direction for the last couple of months. This is not necessarily a bad thing because when price breaks out of the trading range we will have an important strong signal. To the downside or to the upside.

USDCAD as can be seen in the chart above is moving sideways inside the trading range. The best choice a trade can make now is to be patient and wait. Wait for price to break out of the trading range. Then the trader will have the most chances of success. Price has confirmed both the upper and lower boundary of the trading range several times. This strengthens the signal of any break out. So we are bullish above 1.37 and bearish below 1.35.