USD/CAD Forecast September 27, 2016, Technical Analysis

The USD/CAD pair initially rallied during the course of the session on Monday, but turn right back around to form a shooting star. The shooting star testing the 1.32 level of course is a sign that we are trying to break out, but don’t have enough momentum to do so quite yet. Nonetheless, I do believe that the buyers will eventually continue to jump in this market, as oil markets will more than likely find themselves going lower, which of course is negative for the Canadian dollar overall and could very well propel this market to the upside given enough time.

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