USD/CAD had a bullish week and even broke through the 1.03 level. The market looks strong at this point, as the lows continue to rise over time and the parity level is now massive support. With this in mind, we are willing to buy the dips now. The market has been buying the US dollar over time, and the USD/CAD pair isn’t any different. The pair likes to grind sideways, and this period of time might be more of that, but with an upward bias. As long as there is a possibility of headline risk out there, we aren’t going to be selling the Dollar against commodity currencies like the CAD.
USD/CAD Forecast for the Week of December 19, 2011
Originally posted here
