USD/CAD Forecast March 8, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Monday, as we continue to see the oil markets rally and of course the Canadian dollar strengthened. With this, we still believe that the market is probably going to continue to try to reach down to the 1.30 level, and short-term traders will be more than likely willing to sell every time we get a little bit of a short-term rally. We have no plans to buy this market at this moment in time, but do recognize that a turnaround could happen.