The USD/CAD pair fell hard during the course of the session on Wednesday, but found support at the 1.30 level. With this, we feel that the buyers are coming back into this marketplace and it’s probably time to start buying on short-term supportive candles. Ultimately, we feel that oil markets are far too soft to support the Canadian dollar, so it makes sense that we continue to grind away in trying to go higher. We believe that the market is probably going to head towards the 1.32 level next, and that the support runs all the way down to at least the 1.28 handle.
