USD/CAD Forecast February 23, 2016, Technical Analysis

The USD/CAD pair fell initially during the course of the day on Monday, but found enough support near the 1.3650 level to turn things around and form a somewhat hammer like candle. Ultimately, we do think that there is a significant amount of support all the way down to the 1.35 handle. Because of this, we are simply waiting to see whether or not the market gives us a bounce that we can start buying. Oil markets have rallied recently, but quite frankly that should end fairly soon, and that should send this pair higher as a reaction.