USD/CAD Forecast July 29, 2015, Technical Analysis

The USD/CAD pair broke down during the course of the session on Tuesday, but still remains within an area of massive support, extending all the way down to the 1.28 handle. With this, we are buyers on a supportive candle, but we do not have that signal yet. With this, we also recognize that the oil markets are not helping the Canadian dollar over the longer term, so we believe that this is simply going to be a pullback that gives us an opportunity to buy this pair and build up enough momentum to continue going higher.