The USD/CAD pair broke higher during the session initially on Thursday, but found the area above the 1.11 level to be far too resistive in order to continue going higher. With that, we feel that the market forming a shooting star suggests that we are not quite ready to continue going higher. We think that a pullback will more than likely find support below though, so we are interested in buying those supportive candles, especially near the 1.10 level, an area that has been of special interest. Keep in mind, oil markets can or cannot help the value of the Canadian dollar from time to time, and they certainly have not been strong.
