USD/CAD Forecast February 1, 2016, Technical Analysis

The USD/CAD pair tried to rally, but failed on Friday. However, we think that sooner or later there will be buyers as this area is so strong in support. Oil has been going higher on a shot-term bounce, and we think that is what this is all about. We are looking for supportive candles in order to buy, and have no real interest in selling until we break below the 1.38 handle as it is the bottom of support as far as we can tell. Watch oil, it will lead the way.