USD/CAD Forecast August 19, 2015, Technical Analysis

The USD/CAD pair initially tried to rally on Tuesday, but turned back around to form a shooting star. Because of this we feel that the market is going to pull back a little bit and look for support at the large, round, psychologically significant number, the 1.30 level. With this, we are simply waiting on the sidelines for supportive candle below, and then we start buying. Pay attention to the oil markets, they of course have a massive amount of influence on the Canadian dollar itself, and can have an influence on this pair. The higher oil goes, the lower this pair goes and vice versa.