The USD/CAD pair initially fell during the session on Monday, but as you can see bounced high enough to test the recent highs. Now that we are getting close to the top of the shooting star from last week, we believe that this market is going to eventually break out, and continue the uptrend that we’ve seen for some time. The fact that we are closing at the top of the range for the session makes us believe in the strength as well, and as a result we believe that the 1.10 level should be the “floor” in this market going forward.
