FX:USDCAD U.S. Dollar/Canadian Dollar
I've been a in this pair for a long time and I still am but the price action has been lately and it has been annoying to say the least. As FOMC press conference is getting closer, price action is not a good sign as market may be already positioning for the event. However, I remain as long as we stay inside the upward red channel and if we should break it, I'll abandon the outlook.
Indeed the pair looks heavy right now. If we should go lower then my first area to look for price to bounce higher is around 1. 0760/40 area. If we get a decent jump from those levels, I might consider a long position but if we don't get a bounce then I'll rather look for signs for further weakness towards 1.06000 level