USD/CAD Forecast April 5, 2017, Technical Analysis

The USD/CAD pair has broken above the 1.34 handle, so it now looks as if we will probably try to reach towards the 1.35 level, an area that has been rather resistive in the past. Because of this, and the fact that oil markets have been very volatile, I believe that we could see a choppy but upward move. If we can break above the 1.36 level, the market is free to go much higher over the longer term, perhaps reaching as high as 1.45 given enough time. I don’t have any interest in shorting this market right now.