USD/CAD Trapped In A Range Bound Price Action

Analyst, Full-Time Trader • Mar 17, 2017 at 8:33 AM EDT

After a strong drop below the 1.3385 level caused by USD profit taking and the Fed being less hawkish than expected, the USD/CAD is stabilizing in a range bound market condition where the price is trapped between 2 POC zones.

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After a strong drop below 1.3385 level caused by USD profit taking and Fed being less hawkish than expected, the USD/CAD is stabilizing in a range bound market condition where the price is trapped between 2 POC zones. POC for possible buying is 1.3265-85 (L4, historical buyers, ATR pivot) while sellers should appear at upper POC 1.3375-90 (Ema89, ATR top, H5, weekly L4).

At this point, the price is in no man's land but Friday profit taking should give boost to volatility and zones should be reached.

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