USD/CAD Forecast December 22, 2016, Technical Analysis

The USD/CAD pair rallied just a bit during the session on Wednesday, as we continue to see a lot of choppiness in this pair. Keep in mind that the Canadian dollar is driven by the value of oil, and of course there is quite a bit of noise just above. That noise should continue to be resistive, so I think that pulling back from here is probably going to be done several times to build up enough momentum to finally go higher. I have no interest in shorting this market, at least not at the moment.