The USD/CAD pair broke down during the course of the day on Monday, slamming into the 1.29 handle. By doing so, we ended up testing the support that one would expect there due to the action a couple of weeks ago, and now it appears that we are trying to break down below there. With the fact that this market has been rolling over, I believe that short-term rallies could be short-term selling opportunities at the first signs of exhaustion. This will be true as long as we can stay below the 1.30 level.
