USDCAD

The United States dollar initially pulled back against the trading week, just as we have seen over the last several weeks. Now we have turned around to form a bit of a hammer, just as we had the previous two candlesticks. With that being said, if we can break above the 1.28 level, then it is likely we could go looking towards 1.30 level. If we break above the 1.30 level, then it is likely that we go much higher. Keep in mind that the Canadian dollar has underperformed, despite the fact that oil has been rallying.