The USD/CAD pair fell during the course of the day on Thursday, testing the 1.32 level. With this, we believe that the buyers will enter this market somewhere near here, as we see support all the way down to the 1.30 level, and then perhaps even as low as the 1.28 handle given enough time. The market has been very bullish for quite some time now, and we believe that pullbacks continue to offer value in the US dollar. We broke above the 1.30 level recently, which was a major turning point in this market. We believe that the market should continue to go higher given enough time.
