USD/CAD Forecast March 15, 2017, Technical Analysis

The USD/CAD pair broke higher during the session on Tuesday, testing the 1.35 handle. That’s an area that should continue to see resistance, but with the oil market is looking so soft, it makes sense that the US dollar should continue to gain against the Canadian dollar, so pullback should be buying opportunities. The 1.36 level above being broken frees this market to go all the way to the 1.45 handle above, finally continuing the longer-term uptrend that we have been in for some time. Even if we do pull back from here, I think that the 1.33 level is massively supportive.