USD/CAD Forecast January 24, 2017, Technical Analysis

The USD/CAD pair initially fell on Monday but found a little bit of support underneath. By doing so, looks as if we are going to fight just above the uptrend line, and it looks as if the market could try to reach towards the 1.35 handle above there. I have no interest in selling this market now, the impulsive candle from last week certainly looks very healthy. Oil markets are stagnant, so there’s no reason to believe that the Canadian dollar is suddenly going to strengthen. Once we break above the 1.35 handle, we will then be able to test the recent highs.