The USD/CAD pair initially fell during the course of the day on Wednesday, but found the 1.13 level to be supportive enough to turn things back around. By doing so, we ended up forming a hammer, and that of course is a very positive sign. We believe that the market will then head to the 1.15 handle given enough time, and perhaps even higher. Remember, the oil markets are doing no favors for the Canadian dollar right now, so it makes sense that we continue to grind higher. With that, we feel that pullbacks continue to offer value.
