The USD/CAD pair broke above the 1.15 level finally during the session on Thursday, as the market appears ready to continue of the next leg higher. At this point in time, we believe that the market is then heading to the 1.18 handle given enough time, and the pullback should continue to be buying opportunities yet again. We have no interest in selling this market at all, and as a result we feel that the US dollar will continue to help muscle the Canadian dollar. This is especially true with the lack of upward pressure in the oil markets.
