The US dollar went back and forth against the Canadian dollar during the Thursday session, testing the 1.31 level for support in finding it. I believe that if we can break above the top of the range for the session on Thursday, the market should continue to go higher, perhaps reaching towards the 1.3250 level. A breakdown below the bottom of the range for the session on Thursday should send this market towards the 1.30 level below. No matter what happens, you can count on seen quite a bit of choppiness in this pair as a continues to bounce around.
Written by FX Empire