USD/CAD Channel Presents Scalping Opportunity
Key Technical Levels
A bullish surge following a smaller than expected build in U.S. Oil inventories, failed to lead the pair to a break below the lower bound of the current short-term channel. The pair appears headed for a test of 1.0205 the 2009 low set on 10/15/09 and continues consolidation may be expected upon approaching the significant technical level.
The USDCAD”s ATR of 99 pips is one of the lowest of the most traded pairs making the pair a scalping target. The daily range is only accounting for 0.99%of the spot price increasing the profit potential for a high frequency strategy. A Bollinger band width of 453 pips is at the upper range of the pair’s listed below, but its consistent nature gives confidence that the current trend will continue and a breakout may be in the distance.
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