The USD/CAD pair skyrocketed during the session on Thursday, slicing through the 1.03 level like it wasn’t even there. Because of this, we feel it is only a matter of time before we break out, and we would be willing to buy pullbacks if we get them. That being the case, we think that this market will go as high as 1.08, or possibly even as high as 1.10 by the time this move is said and done. We have to get above the 1.04 level in order to consider this pair broken out though, and that’s essentially what we are waiting on. Alternately, as we said above, we would be possibly interested in buying pullbacks on signs of support. This would give us the momentum needed to breakout, and a better entry if it happens.
Written by FX Empire