USD/CAD Forecast December 16, 2014, Technical Analysis

The USD/CAD pair broke out to the upside during the session on Monday, as the 1.16 level has been shot straight through. The candle of course is a very positive looking, and a large one on top of that. If we pullback from here, we would anticipate seeing all kinds of support, and that’s especially true considering that the oil markets look so horrible. Remember, the Canadian dollar is heavily influenced by what’s going on in the oil markets, and right now there is nothing to make us believe that it should be bought against the US dollar.