USD/CAD – The market is consolidating the strong gains seen over the past few sessions this morning but upside risks remain here following the move through the 1.0934 resistance point Monday. Above 1.1075/85 intraday should renew upside momentum for a test towards the high 1.11s/1.12 area at least. Failure to trade higher today risks seeing an inside range consolidation signal form which could trigger a dip back in spot. Initial support is seen at 1.0934, with a stronger band of support around the 1.08 area (Fibonacci retracement support at 1.0785 and the September high at 1.0818). Short term strength aside, remain to be convinced that USD strength is sustainable in the medium term.
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