The USD/CAD pair initially tried to fall during the course of the day on Wednesday but found enough support to turn things back around and form a bit of a hammer. We believe that this market is trying to break out to the upside, and when we finally get above the 1.3350 level, this market should then reach towards the 1.35 handle. The Canadian dollar continues to struggle in general, and of course the US dollar is favored overall. Oil markets are certainly not doing anything to help the Canadian dollar either, so we are buyers only. We look at pullbacks as value that should be taken advantage of.
