The USD/CAD pair fell rather hard during the course of the day on Wednesday, but this was more or less in reaction to the oil markets shooting much higher. The 1.31 level below offered support, and we believe that the support runs all the way down to the 1.28 handle. With this, we think that the market could very well drift lower from here but it’s only a matter of time before the sellers run into far too much buying pressure. We are on the sidelines at the moment, and believe that sooner or later we will get a supportive candle in order to start going long again.
