USD/CAD Forecast December 16, 2016, Technical Analysis

The USD/CAD pair rallied on Thursday, as we continue to see quite a bit of bullish pressure in this market. The 1.34 level of course is a large, round, psychologically significant number, but I believe that the market is going to continue to go higher, perhaps reaching towards the 1.35 handle. A pullback from here should be thought of as value, and if the oil market breaks down as it looks like it could, that could continue to push this pair much higher. The market breaking above the 1.36 handle would continue the longer-term uptrend.