USD/CAD—The Loonie Trades Sideways Below the 1.28 Pivot

USD/CAD (1.2649)

• Resistance Levels: 1.28, 1.3040, 1.3232
• Support Levels: 1.2380, 1.2207, 1.2015
• Trade Strategy: Stand Aside

The USD/CAD continues to churn sideways in its familiar consolidation below the key 1.28 pivot. Please note the below daily MT 4 chart.

There is a congestion area running from 1.2447 to 1.2380. A daily close below this technical support challenges the next support at 1.2207. Should the Dollar reverse course and move higher, pushing the USD/CAD up, then there is key support at the 1.28 pivot. A break above this level challenges the technical resistance at 1.3040.

There is no trade opportunity right now as there is no clear cut price action. For now, my plan is to sit on the sidelines and monitor my charts for a more actionable trade opportunity to come along.