This is largely a move driven by a rebound in risk appetite; but whether this pick up in sentiment is destined to last is questionable. For USDCAD, the trade ties help smooth out any major fluctuations. Event Risk Requires a Quick and Clear USDCAD Range Trade There are few viable ranges across the currency market as risk trends shift and fundamentals dive. USDCAD presents a potential congestion setup; but it is fraught with danger and therefore must be tailored to a very specific strategy. 1.3015 (Range High) -Range Bottom.

Why Would USDCAD Hold a Range. However, risk trends are difficult to forecast. The heavy Canadian docket on the other hand can be prepared for.

For levels, resistance in the very public. Technically, USDCAD is set between a rock and a hard place; but this actually heightens the potential for a breakout rather than lowering it.

1.2725 (Fibs, Pivot, Trend, SMA) After a plunge in the Swiss currency this morning leveraged a surge in USDCHF and USDCHF, we can see that the US dollar is pulling back against most of its other, major counterparts.