The USD/CAD pair rose during the day on Tuesday, but still remains below the 1.10 handle, meaning that we believe there is a significant amount of resistance just above. With that, we need to see a daily close above that level, or perhaps some type of pullback to offers the ability to buy the US dollar “on the cheap.” On top of that, the oil markets look like they are ready to start falling apart, and if they do that should continue to put pressure on the Canadian dollar, driving this pair higher.
