USD/CAD Forecast April 10, 2017, Technical Analysis

The USD/CAD pair initially fell on Friday but found enough support to turn the market completely around and form a massive hammer. This hammer suggests that we are going to go higher, perhaps reaching towards the 1.35 handle. If we can break above the 1.36 handle after that, it becomes a longer-term “buy-and-hold” type of situation as I believe the next move would be to the 1.45 level above. I believe that buyers will return on pullbacks as there seems to be plenty of support just below. Oil looks as if it is ready to roll over as well, and that of course is positive for this pair.

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