USD/CAD Forecast November 16, 2016, Technical Analysis

The USD/CAD pair fell rather significantly during the day on Tuesday, but I see quite a bit of support at the 1.34 level which is essentially the “bottom” at the moment and I believe that all of the noise just below there should continue to pushes market higher. We are a bit overextended, but we get the Crude Oil Inventories announcement coming out today, and as a result it could have a massive effect on the Canadian dollar itself. Longer-term, I believe that the market continues to show strength as a US dollar is the favored currency.