The USD/CAD pair had a slightly positive session on Monday, as the 1.31 level attracted buying pressure. The fact that we formed a hammer on Friday was the first significant sign that we could bounce, and a break above the top of the range for the Monday session should send this market looking for the 1.32 handle above. Pullbacks continue to be buying opportunities, and I believe that there is a hard floor somewhere near the 1.30 level below. Keep in mind that WTI Crude Oil markets have a massive effect on this currency pair, and if they are remaining quiet, this pair will as well.
Written by FX Empire