USD/CAD Forecast November 2, 2016, Technical Analysis

The USD/CAD pair fell during the day on Tuesday, but did see a little bit of support near the 1.3350 level, the show signs of resiliency. This was in reaction to a better than expected Canadian GDP announcement, but at the end of the day the Canadian dollar is more often influenced by oil than anything else. With this, I think that a supportive candle will more than likely present a buying opportunity as we should continue to try to reach the 1.35 handle above. I have no interest in selling at this point although I do recognize that we are a bit exhausted at the moment.