USD/CAD Forecast June 29, 2016, Technical Analysis

The USD/CAD pair initially fell during the day in a bit of a “risk on” type of move. However, the 1.30 level has offered enough support to turn the market back around and form a bit of a hammer. With this, it looks as if the buyers are still very much in control, and as oil markets continue to soften, this makes a lot of sense to me. I believe short-term pullbacks continue to offer buying opportunities but I’m not looking for anything explosive at this point in time as I believe the market is essentially consolidating.

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