USD/CAD remains a wild card

Bollinger Bands® on USD/CAD 1hr charts continue to reflect a volatile environment, but one with no dominant trend on higher time frames.

ADX tracks below 30 suggesting a sideways price action. Endorsing this view, the 50-period simple moving average is locked in-between the 200 and the 800-period SMAs. From a larger perspective the USD/CAD still appears ranged sideways.

Traders may look for buy opportunities using divergences between price and oscillators, targeting the 800-SMA. A clear break of the 50-SMA below the 200 would switch the tone to bearish.

USD/CAD remains a wild card

(Market News Provided by FXstreet)