USD/CAD Forecast July 9, 2015, Technical Analysis

The USD/CAD pair went back and forth during the day on Wednesday, essentially stalling after having such a large move to the upside recently. With that being the case, we feel that the market is starting to run out of momentum. Pullbacks at this point in time will be used in order to start buying again, on supportive candles. We believe that the 1.25 level should be supportive in a bit of a “floor” in this market now. With no interest in selling at this point in time as the oil markets are simply far too soft to support a strong Canadian dollar.