The USD/CAD pair initially tried to rally during the course of the day on Wednesday but turned back around. As we continue to consolidate, we cannot help but recognize that there could be a buying opportunity in this general vicinity. Pay attention to the WTI Crude Oil market, as it tends to predict the value the Canadian dollar. If oil starts to fall again, this market should rally rather significantly and then reach towards the 1.40 level. A supportive candle would be preferred to be seen first, so at this point in time we are simply waiting to see whether or not we get that signal.
