The USD/CAD pair rose during the course of the day on Monday, using the 1.12 level for support yet again. We remain bullish of this market, but realize that we will probably just go sideways overall between the 1.12 level on the bottom, and the 1.14 level on the top. We will continue to buy dips, and we will continue to be “long only” when it comes to this marketplace as the oil markets are certainly not doing any favors for the value of the Canadian dollar overall. The US dollar of course continues to be the favored currency around the world in general, and we think that should continue to translate over to this marketplace.
