The USD/CAD pair initially fell during the course of the day on Monday, but found enough support below to turn things back around and form a hammer. With that, the market ended up showing a significant amount of support just below, and we still believe that we get above the 1.09 level, that the market should continue to go higher. If we can get above there, we feel that the market should head to the 1.10 level of course somewhere nearby. We see that area as significant resistance, so we are looking at a short-term buying opportunity at best.
