The USDCAD pair went back and forth during the course of the day on Wednesday as we got employment numbers out of both the United States and Canada.

Because of this, the market would always be volatile but we realize that the longer-term uptrend still is very much intact.

Pullbacks at this point in time should be buying opportunities on short-term charts, and we eventually will get above the 1.35 level.

Once we get above there, becomes more of a “buy-and-hold” type of market. We have no interest in selling this market at this point in time.

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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