The USD/CAD pair did very little in the session for Friday, as the market simply sits just above the massive supportive area at 1.08 or so. That being the case, the market appears like it’s ready to bounce and perhaps continue to deal in the consolidation area that we have been in since the beginning of May. Ultimately, we believe that the market will head to the 1.10 level, where will run into significant resistance. Above there, the market should head to the 1.12 level, but we have to admit that selling this market is going to be difficult simply because the oil markets have been doing very well, and the Canadian dollar doesn’t seem to be benefiting.
