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The USD/CAD pair fell after initially rising during the previous week. The 0.98 level has been breached at this point, and we have close below it. We are currently at the very last vestiges of support for the US dollar against the Canadian dollar. If we manage to break down below the lows from this previous week, we will begin to start selling this pair again and aim for the 0.95 level first.
We believe that if this move does happen, we will more than likely see the 0.90 handle before it's all said and done. Currently, it appears that the Federal Reserve is about to start loosening its monetary policy, and this will certainly give a boost to the Canadian dollar against the US dollar.