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The USD/CAD pair shot straight up after initially dipping during the trading day on Wednesday. We paused just above the 0.98 handle, but still see quite a bit of resistance all the way to the 0.9950 level. Because of this, although this market looks like it is trying to find some type of base, we are not willing to go long quite yet.
We still see the 0.97 level as an area that needs to be broken down through in order to start selling, so we think this is essentially going to be a market that you can use options to straddle in the meantime. Otherwise, this will be very volatile, choppy, and quite dangerous to anyone who wants to play a highly leveraged position.