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The USD/CAD currency pair fell after initially trying to rally during the Thursday session. The market made all the way towards the 0.99 handle and then was pressed downward by the sellers. By the time it was all said and done, we ended up sitting right at the 0.98 handle, and it looks like we are willing to wait until the nonfarm payroll number to continue lower.
The Federal Reserve is already set up to continue to ease, and the oil markets certainly are in rally mode again. Because of this, the Canadian dollar should continue to gain against the US dollar overall and we think this pair will start to break down over the next day or two.