USD/CAD Forecast December 20, 2016, Technical Analysis

The USD/CAD pair initially dipped on Monday, but then turned around to reach towards the 1.34 handle. A break above there would send this market reaching towards the 1.35 handle, which is a massive resistive barrier, but I think there’s a lot of noise between here and there. A pullback from here should offer value, especially if the oil markets continue to look a little bit suspicious. I think at this point in time, there is an uptrend line below that should continue to keep this market going higher over the longer term as well.