USD/CAD Forecast August 3, 2016, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Tuesday, crashing into the 1.30 level below. By doing so, they found quite a bit of buyers and we bounced enough to form a nice-looking hammer. The hammer of course is a very bullish sign, and a break above the top of the hammer would be a buying opportunities. We would more than likely reach towards the 1.3250 level above. I believe that the 1.30 level should continue to be very supportive, especially considering that the oil markets look very vulnerable, and that of course has a massive effect on the Canadian dollar itself.

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