USD/CAD Forecast April 23, 2015, Technical Analysis

The USD/CAD pair fell slightly during the session on Wednesday, but we continue to consolidate overall. Because of this, the market looks as if it’s simply going to be a place of the dead money. With that, we don’t have any interest in trading this market but we will continue to watch the USD/CAD pair as it is so heavily correlated with the oil markets in general. Ultimately, we will have to wait to see if there’s some type of impulsive candle that we can follow in one direction or the other. We do believe that the US dollar continues to be the strongest currency in the world, but right now the Canadian dollar is being boosted by a stronger than anticipated oil markets.