USD/CAD Forecast January 5, 2015, Technical Analysis

The USD/CAD pair broke higher during the session on Friday, reaching almost all the way up to the 1.18 level. That was her next target, so we could see a little bit of a pullback at that area but it should only offer more buying opportunities as the US dollars without a doubt the favored currency by Forex traders around the world. The oil markets of been very soft, so quite frankly there’s no extra pressure on the Canadian dollar to expand in value, so we still like buying pullbacks going forward as the US dollar is much stronger than the Canadian dollar.