USD/CAD is creating energy for a move…

The USD/CAD is in a long term range with the rate currently edging towards the upper band.  Ranges can last a long time, yet going back over the last 10 years we have not seen a range hold for much longer than this one has.  The range is by no means perfectly defined, yet prices have still been contained and the pair has been trendless (for the most part) in 2010.

Since the pair now seems to be “on the clock” to do something based price action over the last 10 years, it is worth keeping an eye on.  Currently the Canadian dollar trend, relative to the US dollar, is flat.  But a substantial move is expected from this pair.  This is a longer-term trade, therefore jumping the gun and picking a direction at this point is not recommended -the potential additional gain does not really offset the possibility the pair could remain range bound for some time still.

USD/CAD - Weekly

~Cory Mitchell, CMT

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