The USD/CAD pair initially fell during the course of the session on Friday, but found enough support below to turn things back around and form a hammer. Because of this, we feel that this pair will go a little bit higher during the session today, but we recognize that the 1.23 level above will be resistive. Ultimately, we believe that this is a market that’s going to continue to make very small moves, so short-term trading is about the only thing that we can do. We have no interest in hanging onto any trade for any real length of time at this moment as the oil markets seem to be at very important levels.
