The USD/CAD pair initially tried to rally during the day on Monday, but as you can see we drifted a little bit lower by the end of the day. However, this simply looks like an area where we may have to consolidate in order to break above significant resistance near the 1.10 handle. That being said, if we broke down below the 1.08 level, we would fully anticipated return to the 1.07 handle. Ultimately though, we believe that the asparagus higher, and still think that the 1.12 level will be targeted sometime in the next couple of months.
