The USD/CAD pair broke higher during the course of the session on Monday, but remains just below the 1.30 level. We’ve got a get above there in order to start going long, and at that point time we feel the market will probably bounce all the way to the 1.32 handle. Even if we fell from here though, we have no interest whatsoever in selling as the 1.28 level is the bottom of the support “zone” that we feel is holding the market up at the moment. Oil markets look like they are going to be soft for the next couple of sessions, so we should see that translate into a higher USD/CAD pair.
