The USD/CAD pair fell during the bulk of the session on Thursday, but found enough support near the 1.08 handle to turn things back around and form a hammer. Because of that, we feel that the market will probably bounce from here but only slightly so. If we do manage to close below the 1.08 handle however, we would be massive sellers as it would be a significant break down of support. We think of that any move higher from here is going to struggle near the 1.09 handle as well. At this moment, we prefer to be on the sidelines.
