For what seems like the first time ever 🙂 I’ve been picking the USD/CAD pretty well in recent weeks and long may it continue. According to most Prime Broker reports, the big CAD shorts which had been building up this year have been almost entirely unwound and that should mean that we see good two-way trading in USD/CAD in coming weeks, albeit inside well established ranges.
I’m sticking with my overall bearish bias in USD/CAD but will wait for levels above 1.0900 before I start selling again. Bulls will undoubtedly be tempted by the risk-reward ratio in buying on any dips back towards 1.0650.
Next very strong technical resistance is at 1.0810.
