USD/CAD Forecast January 8, 2015, Technical Analysis

The USD/CAD pair broke higher during the session on Wednesday, as we continue to grind away towards the 1.20 handle. That being said, we believe the pullbacks are buying opportunities, but recognize that both countries have a numbers coming out tomorrow. The market is certainly bullish, and as a result we have no interest in selling. The oil markets aren’t helping at this point either as far as the Canadian dollar is concerned. The market will have a resistive barrier at the 1.20 level going forward, but at the end of the day we believe that the trend is set.