The USDCAD pair did very little during the day on Tuesday as we continue to hug the previous uptrend line.

Oil looks a little bit soft, so we could see the market turned things back around and if we can reach above the 1.32 level I feel that the market will continue to go much higher.

On the other hand, if we break down below the 1.31 handle, I feel that the market will probably reach towards the 1.30 level below.

The market is most certainly in an inflection point, and we must make a decision fairly soon.

Editor’s Note: Equity investors/traders can use the CurrencyShares Canadian Dollar Trust (FXC, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the Canadian Dollar (USDCAD), minus ETF fee. The fund seeks to reflect the price of the Canadian Dollar with the shares representing a cost-effective investment relative to investing in the FOREX market.

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