The USD/CAD pair did very little during the session on Monday which of course was not a surprise. Most of the volume in this market comes out of North America, and the fact that it was Martin Luther King Jr.’s birthday in the United States suggests that there was very low liquidity in North America. With this though, it appears that a pullback is likely before we break out above the 1.20 level given enough time. We are bullish of this market and recognize of the 1.15 level below is a massive floor.
