US-Canadian Dollar Ranging

The US-Canadian Dollar pair (FOREX: USDCAD) has been ranging within the past two weeks and may be looking for a break out soon. The pair has been ranging between the key support level of 1.23114 and key resistance level of 1.24021. Traders who are bearish and bullish alike should wait for confirmation on direction within the upcoming days.

  • A break above the key resistance level of 1.24021 may see more buying occur in the market.
  • A drop below the key support level of 1.23114 may see a continuation of the developing bearish trend.