The USD/CAD pair initially rallied during the day on Wednesday, but pulled back to form a relatively unimpressive candle. However, this is pre-FOMC, so we have no idea what the reaction will be yet. However, we recognize that any pullback at this point in time has to be thought of as value, so we are essentially “buy only” when it comes to this market anyway. Any type of support between here and the 1.35 level is a buying opportunity. A break above the top of the range for the session should send this market looking for the 1.40 level. At that point.
