USD/CAD Forecast May 13, 2016, Technical Analysis

The USD/CAD pair fell during the day on Thursday, as we continue to see weakness in this market. This of course is exacerbated by the oil markets rising, and the fact that the 1.30 psychologically significant level has held as resistance. With that being the case, we believe that this market continues to go lower, grinding down to the 1.25 level over the next several sessions. We have no interest in buying until we form either a long-term buying signal, or a break above the 1.30 level happens. At this point in time, neither look very likely so we are fairly confident of the downward momentum.

Economic Calendar