USD/CAD Forecast March 29, 2017, Technical Analysis

USD/CAD daily chart, March 29, 2017
USD/CAD daily chart, March 29, 2017

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.

Written by FX Empire