USD/CAD Forecast February 16, 2016, Technical Analysis

The USD/CAD pair rallied a bit during the course of the session on Monday, but at this point in time it appears that we are simply not ready to go anywhere. If we can break above the 1.40 level, the market should continue to go much higher. Pay attention to the oil markets, as they had such a major impact on the Canadian dollar itself. Ultimately that is how we ought to trade this market, as a proxy for oil as there is a lot of concern out there and of course a serious lack of demand.