USD/CAD Forecast March 20, 2017, Technical Analysis

The US dollar initially rallied against the Canadian dollar during the session on Friday, but found enough resistance at the 1.3350 level to turn things around and form a shooting star. Because of this, we may pull back but I think the 1.32 level will be massively supportive. Also, you have to keep an eye on the oil markets as they have such a huge influence on the Canadian dollar itself. With this in mind, I have no interest in shorting this market other than a short-term scalp, because I believe that longer-term we will not only reach towards 1.35, but we will break far above it.

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