USD/CAD continues to sit above the 1.03 level, an area that we feel is the demarcation area for the next rally. As long as we are above that area, there is a better than likely chance we see higher rates. The oil markets will have their say though....
USD/CHF continued to drift around on Monday, but the 0.93 level does look constructive at this point in time. The market looks like it wants to grind higher - not run. Helping this market is the S&P 500 which is showing signs of recovery which is leading to a general push towards the USD. A move towards parity still is our opinion. The 0.95 level is significant a break above that should see this pair move considerably higher.
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