FXstreet.com (Barcelona) - USD/CAD has tested the 1.1700 level again after trading in a small range between 1.1700 and 1.1730 along the European session, Currently the pair is trading around 1.1720/30.

Yesterday, USD lost 1.00% against the CAD from 1.1845 opening price, reaching 1.1900 as highest and 1.1720 as lowest, to close the day at 1.1730.

Rajoo C, Analyst at Precise Trader, says: USD/CAD closed well below the open.Fed Chairman Testifies.Asian Trading was quiet and range bound trading.The Hourly Oscillators are bearish but over sold so the bears have to be cautious as the downside is limited. Hourly Trend is Sideways and Daily Trend is Sideways Down ,expect the price to be choppy . We prefer to be Sidelined or trade only at our levels for a quick trade.

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