USD/CAD Forecast January 23, 2017, Technical Analysis

The USD/CAD pair had a positive session on Friday as we continue to grind to the upside. Now that we are broken above the uptrend line that previously had given way, it looks as if the market is going to continue to go even higher, perhaps reaching towards the 1.35 level above. If oil rolls over, and it looks like it could given enough time, that should turbocharge the move higher. I believe the pullbacks are buying opportunities based upon supportive candles, and with that I am bullish longer-term as well. Currently, it’s difficult to sell.

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