The USD/CAD pair initially tried to rally during the course of the day on Wednesday, touching the 1.14 region but finding enough resistance to turn things back around and head towards the 1.1250 level. The market should have plenty of support down at the 1.12 handle though, so as a result we believe that buyers are going to step in and trying to lift this market yet again. We are waiting to see what happens next, but on the first signs of support, we are willing to start buying this pair as the Canadian dollar certainly has no help whatsoever from the oil markets presently.
