The USD/CAD pair had a strong will higher during the course of the day on Monday, testing the 1.13 handle. That area of course has been supportive in the past so it’s not a big surprise that is resistive now. Ultimately, any pullback from here should be a buying opportunity, just as a move above the top of the range for the session for Monday would bring buyers into the market as well. The 1.12 level below should be supportive still, and as a result we are still bullish of this marketplace as the US dollar continues to strengthen in general.
