This raises the appeal of USDCAD when searching for range setups as the close fundamental trade links and long-term congestion are marks of a sound congestion play. Technically, USDCAD has built a very broad range for months; but recently this has turned to congestion with ill-defined boundaries. Looking ahead to next week, scheduled event risk is light, but the US stimulus effort may rouse volatility. 1.2530 (Pivot, Fibs) -Range Bottom. 1.2225 (Trend, Pivot, Fibs) Volatility for USDCAD has been extraordinarily high over the past 12 hours thanks to the releases of both the US and Canadian employment reports. There is a lot of pent up energy behind the currency market with the yen and pound crosses driving significant drives and the many of the majors positioned for trend-defining breakouts.

However, the pair has yet to stray outside of its technical boundaries – a reflection both of the equally news-worthy reports and the general, fundamental boony between the two economies.