The USD/CAD pair broke higher during the course of the day on Friday, going well above the 1.12 level. This is exactly what you would anticipate on the stronger than anticipated nonfarm payroll number, as the US dollar continues to strengthen. The oil markets fell apart, and that of course is always going to put a bit of weight upon the Canadian dollar. We believe that this market will continue to go to the 1.15 level, offering buying opportunities every time this market pulls back. The 1.12 level should be somewhat supportive point forward, so we are looking to buy point forward.
