USD/CAD Forecast July 17, 2015, Technical Analysis

USD/CAD pair rose during the session on Thursday. However, we are approaching the 1.30 level, which was where the financial markets stopped after the meltdown years ago. Because of this, there is massive amounts of resistance above, so we may have to pullback in order to get above there. It doesn’t matter though, we have no interest in selling this market and we believe that it certainly is a market that should eventually go higher but we will probably have to build up the momentum to finally make that breakout. We are buyers on dips but recognize 1.30 as being a significant barrier.