USD/CAD Forecast August 15, 2016, Technical Analysis

The USD/CAD pair fell during the day on Friday, but did bounce a bit towards the end of the day. I believe that this market is still well supported below, and quite frankly oil markets aren’t going to support the Canadian dollar for much longer. With this being the case, I feel that we will get a bounce in a break above the top of the candle for the session on Friday has buyers coming back into push this pair higher. I don’t have any interest in selling quite yet, I think there’s too much below to cause problems.