USD/CAD Forecast December 28, 2016, Technical Analysis

The USD/CAD pair rallied on Tuesday as traders came back to work. The 1.35 level now looks to act as supportive, and therefore think short-term pullbacks will be buying opportunities is a market looks to break out overall. The Canadian economic numbers are a bit on the soft side currently, so this makes quite a bit of sense. If oil starts to roll over, that could supercharge this market to the upside. In the meantime, I look at pullbacks as buying opportunities as this market tries to break out and build up enough momentum to sustain the drive.