The USD/CAD pair initially tried to rally during the course of the day on Friday, but found the 1.35 level a bit too resistive and then we broke down significantly. With this being the case, looks as if we could very well break down below the 1.33 handle and reach down towards the 1.30 handle given enough time. Keep in mind that oil markets have a great influence on the Canadian dollar, and as they rise the Canadian dollar generally benefits. So at this point in time it looks very likely that the market will continue to grind its way lower.
