The USD/CAD pair fell during the course of the session on Friday, testing the 1.13 handle. This area is significant support, and we believe that it extends all the way down to the 1.12 handle as well. That being the case, we are looking for supportive candle in order to start going long, but at this point in time we feel that the market will eventually go to the 1.15 handle given enough momentum. At the moment though, we are on the sidelines as we recognize this market simply looks as if it’s a bit sideways.
