USD/CAD Forecast January 4, 2017, Technical Analysis

The US dollar had a choppy session against the Canadian dollar on Tuesday as traders continue to come back from the holiday season. We are currently testing the 1.34 level for support, and finding it. I also recognize that the 1.35 level above will be resistive, but ultimately, I feel that the longer-term uptrend should continue. This will be especially true if oil continues to roll over like it had during the session on Tuesday, which of course works against the value of the Canadian dollar when that happens. Ultimately, I believe that we reach towards the 1.36 level again.