The USD/CAD pair initially fell on Friday, but found enough support near the 1.30 level to turn things back around. By doing so, it looks as if the market is ready to continue to try to go higher. If we can break above the 1.32 handle, we feel that this market continues to go towards the 1.35 level. Oil markets look very susceptible to selling pressure right now, so we could get that move fairly soon as the Canadian dollar is so highly influenced by petroleum. We have no interest in selling as we see massive amounts of support below.
