The USD/CAD pair went back and forth during the session on Tuesday, although it did find support below the 1.11 level. Because of this, it formed a neutral candle that almost looks a little like a hammer, which of course is a bullish sign. If we can break the top of the range for the Tuesday session, that would clear the shooting star from last week, and send this pair much higher. Ultimately, we think that happens but we recognize the fact that the FMOC meeting will more than likely send traders back and forth later this day. Wait until the daily close, but if it is above the high, we would be buyers.
