USD/CAD Forecast March 23, 2017, Technical Analysis

The USD/CAD pair initially tried to rally on Wednesday, but found enough resistance above the 1.34 level to turn around and form a shooting star. I think we’re going to enter a bit of consolidation in this area now, so a short-term fall could be coming. However, I would also anticipate that there are plenty of buyers just below the 1.33 level to make this market turnaround bounce again. Pay attention oil, it always influences the Canadian dollar, so if asserts falling, that could send this pair higher. In the meantime, it looks like it’s going to consolidate as well.