USD/CAD Forecast October 25, 2016, Technical Analysis

The USD/CAD pair rallied slightly during the day on Monday, as we continue to see bullish pressure in this market and the Canadian dollar continues to fall as energy markets are looking a bit heavy at this moment. I believe that the 1.32 level below is essentially the “floor” in this market, and that we are trying to reach towards the 1.35 handle above. Short-term pullbacks continue to offer short-term trading opportunities again and again. Granted, we are a bit overextended at the moment, but I think sooner or later the buyers will return every chance they get.

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