The USD/CAD pair fell during the session on Monday, showing the 1.10 level to be resistive. With that, we are still bullish but we recognize that we need to get above the 1.10 level in order to start buying with any type of significant confidence. If we get above there, we feel that the market heads to the 1.12 level, and then possibly the 1.15 level after that. As far selling is concerned, we would have to make a fresh, new low, which of course would invite more weakness. If that happens, we fully anticipate see the market at the 1.07 level.
