The USD/CAD pair initially fell during the course of the day on Monday, but as you can see we found support yet again at the 1.16 level. That being the case, we think that the US dollar should strengthen against the Canadian dollar over the longer term anyway, so therefore we have no interest in selling. Given enough time, we feel that this market probably goes all the way to the 1.18 handle, but with it being Christmas we, it’s very unlikely that we will see massive moves. Ultimately, we are buyers of dips and believe that the 1.15 level should be the floor.
