The USD/CAD pair fell rather hard during the session on Wednesday, testing the 1.220 support level. It found support there, and the market ended up bouncing to form something along the lines of a hammer. Because of this, we certainly wouldn’t sell this market, but quite frankly we don’t have reason enough to start buying at either. This is one of those markets that we think the best play is to simply avoid. The oil markets look a bit choppy at the moment, and that of course will play havoc with the Canadian dollar.
