USD/CAD Forecast November 28, 2016, Technical Analysis

The US dollar initially fell on Friday, but then turned right back around to break above the 1.35 handle. We are closing towards the top of the range, and thus it should continue the bullish pressure to the upside. The 1.36 level is resistive, but given enough time I think that we break above there and restore to 1.40 level beyond that. Oil markets continue to roll over, and that should continue to put pressure on the Canadian dollar in general, driving this market higher. With this, I believe that pullbacks are buying opportunities, and selling isn’t a possibility.

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