The USD/CAD pair rose during the day on Monday, breaking above the 1.30 level as oil markets fell, and of course the US dollar was purchased in order to get away from other currencies. At this point in time, it appears that the oil markets are going to be testing rather serious support, so if they continue to go lower, it should push this market higher. Given enough time, it’s likely that the markets will test the 1.32 level again at this point. There is certainly a lot of bullish pressure for the US dollar right now, and that should continue to be the way going forward.
