USD/CAD Forecast October 28, 2016, Technical Analysis

The USD/CAD pair initially fell during the day on Thursday but found enough support below to turn the market back around and form a hammer yet again. With this, it looks as if we are going to continue to grind higher, and therefore eventually break out to the upside in reach towards the 1.35 level. Pullbacks should continue to offer value in the US dollar, and this will be especially true if the oil markets start falling again. Speaking of which, oil actually found a little bit of a bounce during the day on Thursday, while the Canadian dollar fell. That is very telling for the future.