The USD 40/CAD pair fell during the session on Thursday, to retrace about half of the gains found on Wednesday. Nonetheless, we think this simply going to be a buying opportunity as we continue to chop around in this area with a somewhat bullish attitude. We believe that the 1.06 level continues to be the “floor” in this market, and therefore we are buyers only in this particular currency pair. A break above the 1.07 handle again since his pair to the 1.10 level, a move that we fully expect to see happen as we pass into the new year.
Written by FX Empire