USD/CAD may trade in a defined range ahead of the update to Canada’s Employment report as it reverses ahead of the weekly low (1.2761), but the Relative Strength Index (RSI) continues to indicate a larger correction in the exchange rate as it still tracks the upward trend established earlier this year. USD/CAD appears to be stuck in a narrow range after testing the 50-Day SMA (1.2790) for the first time since November, and it remains to be seen if the rebound from the January low (1.2589) will turn out to be an exhaustion in the broader trend rather than a change in market behavior as key themes remain in place, and ... (full story)