The USD/CAD pair initially fell during the day on Monday, but found enough support near the 1.22 level to turn things back around and form a positive candle. The positive candle suggests that we are going to head towards the top of the consolidation area at the 1.24 level. However, the oil market is very choppy at the moment and that of course has quite a bit of influence on the Canadian dollar in general. Because of that, we believe that the market will be one that’s probably best just to ignore for the time being.
