The USD/CAD pair fell during the course of the session on Thursday, but found enough support near the 1.24 level to turn things back around at the end of the day. We believe the market still continues to go higher longer-term, as we should then head to the 1.28 level given enough time. Even if we broke down below the 1.24 level, we feel that there is a massive amount of support down at the 1.20 level which we considered to be the “floor” in this market also, keep in mind that the oil markets are certainly not helping the Canadian dollar at the moment.
