USD/CAD Forecast November 24, 2016, Technical Analysis

The USD/CAD pair rallied on Wednesday, breaking above the 1.35 level at one point. However, we did get back a little bit of the gains and that shows just how much resistance there is above. Ultimately, I believe that this is a “buy only” type of market, especially considering how soft the oil markets have been as of late. With this in mind, I look at short-term pullbacks as buying opportunities in the market that has been extraordinarily bullish over the last several months. I have a target of 1.40 and believe that the 1.34 level is support.