USD/CAD Forecast March 2, 2017, Technical Analysis

The USD/CAD pair broke higher during the day on Wednesday, testing the bottom of the previous uptrend line at the 1.3350 handle. With the oil inventory numbers coming out today and of course Canadian GDP, there’s a high probability that we will see volatility in the market. With this being the case, if we can break above the 1.34 level, I don’t see any reason we won’t continue to the 1.35 handle. Pullbacks could be buying opportunities based upon support, specially near the 1.32 handle below. I have no interest in shorting currently.

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