The USD/CAD pair continue to fall during the session on Thursday, and now looks like it’s ready to head all the way down to the 1.20 level. We expect to see a bit of support there, as there is a significant cluster and it is a large, round, psychologically significant number. With that being said, we feel that shorting is the only thing you can do in the meantime. We have no interest in buying until we get down to the 1.20 level, in which we may be tempted to do so at that point with the right candle.
