USD/CAD Forecast December 1, 2016, Technical Analysis

The USD/CAD pair had a fairly volatile day on Wednesday, testing the 1.34 level for support. We found enough there to turn things around and form a hammer, so I feel that this market will continue to grind higher. We find interesting is that even with the oil markets exporting to the upside, the Canadian dollar could keep the gains. This tells me just how soft the truly is, and as a result I believe that this is a “buy only” market going forward, but it will probably be relatively choppy. With that, I’m bullish.

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