USD/CAD Forecast December 6, 2016, Technical Analysis

The USD/CAD pair struggled during the day on Monday, as we continue to see quite a bit of bullish pressure in the oil market. Ultimately, the market looks as if it has quite a bit of support just below though, so I’m waiting to see whether we get a supportive candle that we can start buying. Once we do, I believe that the market will continue to go higher on a supportive candle from there, as we will reach towards the 1.35 handle. If we broke down below the 1.32 level, we would probably try to grind to the 1.30 level underneath there.