USD/CAD Forecast February 21, 2017, Technical Analysis

The USD/CAD pair had a volatile session on Monday, as the 1.31 level offered enough resistance to keep the market fairly flat. This makes a lot of sense as US banks were closed for Presidents’ Day, so it would have basically been left to Canadians to move this pair. I think that we will eventually go higher, but we need to break above the top of the shooting star from the Friday session. We also need to see the oil markets move, and right now they look fairly flat so as long as that’s the case, this market will sit sideways.