USD/CAD is at the lows of the day, falling below 1.1050 a day after touching 1.1150. The turnaround in the pair underscores the wedge formation on the daily chart. This is often a continuation pattern, which will eventually point the way higher but until some news/data provides a reason for momentum, the pair should continue to consolidate.
USDCAD daily
There are reports of corporate buyers in the 1.1035/45 zone (low so far is 1.1043) with more buyers at 1.1025. Speculators are also said to be active at 1.1135/40 so there could be an argument for buying this dip but I would wait to see some stability first.
