Keane Plan...Waiting for a break of the chop zone between .9950/.99

The USDCAD has continued its slow and gradual trip across its downward channel this week.  The pair is now roughly just about in the same place it started the week.  Until the cross breaks out of its consolidation range between .9950 and .99 the only place to be is on the sidelines.  A break of .9950 would represent a channel break and could lead to a push higher towards parity followed by the 50 fib at 1.0040.  A break to the downside runs into support relatively quickly at .9870.  Below that level a bigger drop could occur.

Chop Zone......9950/.99

Sup   .9870

Res  1.00                    1.0040( 50 Fib)

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