USD/CAD Forecast November 1, 2016, Technical Analysis

The USD/CAD pair initially fell during the day on Monday but turned around to form a hammer. The hammer of course is a bullish sign, so I look at this is a market that’s ready to continue to go higher, but it might be choppy. Pullbacks should be well supported, and as a result I have no interest in selling this market. I think that given enough time, the market should then reach towards the 1.35 level and then perhaps even higher. I believe that selling is all but impossible at this point in time, especially as oil continues to fall.

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