USD/CAD Forecast January 13, 2015, Technical Analysis

The USD/CAD pair broke much higher during the course of the session on Monday as you can see, mainly in reaction to the way the oil markets have fallen apart. We have been targeting the 1.20 level for some time now, and we are just below it at close on Monday. However, the fact that we are closing so close to the top of the range suggests that the market will more than likely try to break through. Pullbacks will more than likely be buying opportunities as we try to build significant momentum to the upside, and we believe that the 1.18 level will be supportive.