The USD/CAD pair fell again on the Tuesday session as traders continue to step in and buy oil. The CAD is very highly correlated with this market, and as such we think it will continue to guide the USD/CAD pair. The market action looks like oil may have a little way to go before hitting massive resistance, so we fell this pair falls again, but the 0.99 to parity level should provide supportive action. It is there that this pair could turn around. Overall, we think the future looks very range bound for this pair.
The USD/CHF pair fell on the session as the officials of the Swiss National Bank, namely Mr. Jordan, cannot simply keep their collective foots out of their mouths. In the last 48 hours, he has both pushed the pair up, and then pushed it down. None the less, the 0.9000 level looks resistive, but the trend seems to be up. We expect higher prices soon, but it could be a grind going forward.
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