USD/CAD Forecast January 27, 2016, Technical Analysis

The USD/CAD pair had a very negative session during the day on Tuesday, testing the 1.40 region. There is a massive amount of support all the way down to the 1.38 level as far as we can see though, so we have no interest whatsoever in selling. We believe that a supportive candle below should offer a nice buying opportunity, and therefore we will simply wait on the sidelines until we get that trade presented to us. The oil markets rallied during the day, and that of course has affected this pair. Ultimately though, we believe that the oil markets will fall again, and this pair will rise in turn.