USD/CAD Forecast December 15, 2014, Technical Analysis

The USD/CAD pair rose again during the session on Friday, breaking out above the 1.1550 handle. The market looks as if it’s ready to continue going much higher, and we believe the pullbacks will represent value in the US dollar. With the way the oil markets have been going, it makes sense that the Canadian dollar continues to weaken over the longer term. With that, we believe that this market should continue to be bought every time it pulls back as the market should continue to trend higher over the longer term offering plenty of buying opportunities all the way up to at least the 1.18 handle.