The USD/CAD pair initially fell during the course of the session on Wednesday, but turned around to form a bit of a hammer. This is the third day in a row that we have seen a hammer, so at this point I believe that the USD/CAD pair will continue to grind higher. I believe that the “floor” in this market is the 1.32 handle, and with that being the case I feel that the market can only be bought. Ultimately, I believe that we will then go to the 1.35 handle. I believe that the market will continue to show resiliency.
