USD/CAD Forecast August 4, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the session on Wednesday, breaking above the 1.31 handle handily. We believe that the market will continue to find buyers every time it dips, especially considering that the oil markets show so much in the way of weakness. Remember, the oil markets highly influence what happens with the Canadian dollar, and with them falling, and the US dollar strengthening, it makes perfect sense that this pair continues to go higher. We have no interest in selling, and believe that the 1.28 level is now the “floor.”