USD/CAD Forecast August 5, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Tuesday, but found enough support below to turn things back around and form a hammer. The hammer of course is a bullish sign, so we can break above the top of the range, we would be buyers as the market should then head towards the 1.35 level. Ultimately, we believe that the market has broken above a significant resistance barrier, and as a result we are bullish overall. On top of that, oil markets are doing nothing to support the Canadian dollar.