USD/CAD Forecast July 2, 2015, Technical Analysis

The USD/CAD pair had a very strong showing during the day on Wednesday, finally breaking out to a fresh, new high. Because of this, we are buyers of this pair although we recognize that the currency markets will be very volatile due to the jobs number out of the United States coming out today. With this, we believe ultimately this market is ready to continue going much higher, probably heading to the 1.30 level given enough time. The oil markets certainly are not helping the Canadian dollar, and as a result we think the trend continues.