Playing The USDCAD Range
The USD/CAD pair has been trading within a rectangle or a box with a support at 1.0360 and a resistance at 1.0440. As you can see from its 1-hour chart, the pair has fallen towards the range’s support. If this level holds then the USD may bounce back against the loonie and bring the pair perhaps back towards 1.0440. Its stochastics are also in the oversold area already which points to a possible rebound soon. However, a break below 1.0360 may send it to a downside target of 1.0280.
