USD/CAD Forecast December 15, 2016, Technical Analysis

The US dollar initially fell during the session on Wednesday but found enough support at the previous uptrend line that we turned around and formed a bit of a hammer. The suggest that we could rally, but I’m not convinced until we clear the 1.32 level on a daily close. Once we do, I’m a buyer and I believe that the market goes much higher. Pay attention to oil, because this of course will have a massive effect on the value of the Canadian dollar itself. If oil falls, a bounce from here makes a lot of sense.