USD/CAD Forecast December 22, 2014, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Friday, but turned back around as we formed a shooting star. The shooting star of course signifies that the market could very well pullback and head to the 1.15 handle, where we would anticipate seen buyers step back into the marketplace. Ultimately, we think that this market does go higher anyways, as the US dollar is without a doubt the favored currency in the Forex markets. On top of that, the oil markets look absolutely horrible. Because of this, we are buyers on pullbacks.