The USD/CAD pair went back and forth during the course of the day on Wednesday, testing the 1.09 level for support. This area is the bottom of the most recent consolidation area, so seeing buying pressure in this general vicinity would be much of a surprise at this point as the market to try to build up momentum to get above the 1.10 level. If we can get above there, the market could go as high as 1.12, but we would expected to be a serious fight to get above the current resistance to do so. We believe that the 1.08 level continues to be support as well.
