USD/CAD underpressure but still directionless

By: Neils Christensen

After sliding lower this morning, USD/CAD can't seem to build any momentum. After hitting a high of 0.9980, the cross dropped to a low of 0.9953. USD/CAD has only managed to resistance at 0.9971, where it basically remains now. With no direction prices should continue to bounce around with most eyes still on parity as resistance and support at 0.9947. Not much action in any of the major crosses it looks like traders are taking a nap.