USD/CAD Forecast November 22, 2016, Technical Analysis

The USD/CAD pair fell rather significantly on Monday, as the 1.35 level continues offer quite a bit of resistance. However, I recognize that the 1.34 level below is supportive, and with that in mind it’s likely that the buyers will return given enough time. I think that we will ultimately see this market break out to the upside, and that’s going to be especially true if oil markets turned around again. They were strong during the day though, so it’s likely that we aren’t quite ready to bounce in this longer-term uptrend yet.