As the nonfarm payroll came out slightly lower than anticipated, the USD/CAD pair went back and forth, essentially settling nothing at the end of the day although it should be mentioned that the candle was in fact positive. However, we still believe that pullbacks will offer buying opportunities, but probably more or less from the short-term perspective. We believe that the 1.08 level is still supportive, and then ultimately the market will attempt to get to the 1.10 handle. We have no interest in selling this market right now as we believe the uptrend continues.
