USD/CAD Forecast March 1, 2016, Technical Analysis

The USD/CAD pair went back and forth during the course of the day on Monday, but ultimately settled for a fairly flat and neutral candle. With that being the case, the market looks as if it is trying to figure out what to do next, and the fact that we are sitting right on top of the 1.35 support level certainly lends credence to market that doesn’t really have conviction at this point. Pay attention to the oil markets though, because if they fall this pair should rise. On the other hand, it does work in the opposite direction as well.