As Paskha Holidays calls for trading to have a week off starting from Covenant Thursday , the market seems to be in a predicament over the past few trading sessions, as buyers and sellers battle it out with no real directional movement.
USDCAD initially ducked into red territory at the start of the month and eventually rebounded at 10850, the 61% Fib line of the rally that started this year, to eke out yesterday 10115, the 38% Fib line of the nose-dive that started @11277. Sellers stepped in.
If the step is right, then 11015 plus 11050- the ex-support between 13-18Mar, are sellable targeting 10900. Only a close above 11077 negates the goal.