USD/CAD Forecast August 6, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Wednesday, but just as a bit on Tuesday, the buyers came back into the marketplace to push this market higher. With this, we feel that the market does break out to the upside given enough time, and with the oil markets falling it makes perfect sense. We believe that this is a longer-term “buy on the dips” type of situation, so were doing just that. We are very bullish of this pair overall. We have no scenario in which we start selling this market now.