is consolidating and is trading in a tighter range as time passes. The long term trend for USD/CAD
is still up as the price remains above the 100 period moving average and the 200 period moving average but over the short term horizon, the trend is flat as we could see through the flat short term moving averages coupled with the flat Tenken-sen and Kijun-sen. The volatility
in this market isn't too low to trade as we could see through the Average True Range
(ATR) indicator and the width of the Bollinger Band
which could lead to a strong breakout or breakdown in today's New York
session. If the price breaks out of this consolidation, it could possibly surge higher and resume its long term up trend while a breakdown will provide some selling opportunities in today's New York
session and the 1.1090 support level
as a target for sellers.