USD/CAD Forecast March 29, 2017, Technical Analysis

The USD/CAD pair initially tried to rally during the session on Tuesday but found enough resistance at the 1.34 handle above to turn around. Oil rallied, so that helps the Canadian dollar obviously. Because of this, I believe that we may fall from here but there are plenty of buyers just below the 1.33 handle and with the Crude Oil Inventories number coming out during the day, it’s likely that we will receive more volatility. There is an oversupply of oil, so I believe it’s only a matter of time before this pair continues to go higher.