USD/CAD Forecast September 13, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Monday, but turn right back around and form a bit of a shooting star. Ultimately, this is a market that looks likely to pull back a little bit, as we continue to tighten the range that we have been trading in. Remember that oil has a massive effect on the Canadian dollar, but we also have concerns about whether or not there is an interest-rate hike coming in the United States. Because of this, I believe that we will continue to go back and forth and it will be a difficult market to navigate for any real length of time.

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