The USD/CAD pair rose during the course of the day on Thursday, bouncing off of the 1.3650 region in order to show signs of life. This is a market that sooner or later we expect the buyers to return to, but quite frankly we may have a little bit more in the way of softness before we get the actual bounce. We would assume that the “floor” is somewhere closer to the 1.35 handle. Rallies at this point in time should continue to be choppy, but ultimately we believe that this pair will bounce significantly given enough time.
