USDCAD pair is in the no trend state. It needs enough strong catalyst to move up or fall down.
1.057 is a very strong support, U/C cannot break this level in the near future because two following reasons:
- BoC still keep dovish stance despite of housing bubble because they want to pursue their target.
- US economy is on the recovery, and FED taper decision keeps USDCAD cannot falls down.
Next week, If I choose for USD, I will LONG U/C to 1.07 level and set stop loss at 1.057